UBS chief executive Ralph Hamers is possibly the only winner from the rapid-fire collapse of Credit Suisse.
that contains a raft of financial shock absorbers.
After a weekend of frantic talks to forge a solution before markets opened in Asia, the firm struck a deal to buy its smaller rival for about $US3.3 billion in a share deal that includesUBS CEO Ralph Hamers is right to grin after the buyout of Credit Suisse. He might be the only one.The winner: Ralph Hamers
UBS’s chief executive will see the bank’s wealth and asset management invested assets soar to about $US5 trillion and got a special waiver to keep Credit Suisse’s profitable Swiss unit that many analysts said was worth more than triple what UBS paid for the whole firm. Ralph Hamers, the former ING Group executive, and his team will have plenty to work through as they consider which businesses and people to keep, alter or jettison.
Saudi National Bank chairman Ammar Al Khudairy sparked the Credit Suisse sell-off when he said his bank would “absolutely not” be willing to inject more into the Swiss giant.The Qatar Investment Authority’s pain came over a much longer period, because it first invested in the last financial crisis, but it has likely lost an even greater amount.
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