The «new» UBS is rounding off the global business of its acquired Credit Suisse. The bank is apparently planning to sell some of its business in Turkey.
UBS is considering selling parts of the investment banking unit of their subsidiary bank Credit Suisse (CS) in Turkey. The activities do not fit the business model of the «new» Swiss bank, as news agency «Bloomberg» (behind paywall) learned from an anonymous source.
The banking group is already holding talks with potential buyers, «Bloomberg» added.
Outsourcing Private Banking
In other news, the bank has also initiated a process for outsourcing the Credit Suisse wealth management business in Turkey. This is planned to take place before the merger between both «parent banks» UBS and CS is completed, which is expected in the second quarter.
This merger was approved by the respective boards of directors last December and marked the start of an extremely laborious merger process involving dozens of other subsidiaries.
Billion-dollar Business for Banks
UBS had already closed down its stock brokerage segment in Turkey in 2017 as part of its cost-saving measures. It still actively offers asset management in Turkey, however.
The market is still a billion-dollar business for banks, but is also marred by turbulence – most recently due to the conflict in the Middle East, but also in 2022 after the crash of the national currency, the Lira.
