ZURICH, April 30 (Reuters) – As UBS’s (UBSG.S) takeover of former rival Swiss financial institution Credit score Suisse (CSGN.S) nears completion, particulars are rising of what the brand new merged financial institution will appear to be.
UBS is working in the direction of spinning off the Swiss a part of Credit score Suisse and having the enterprise’s present head, Andre Helfenstein, run it, NZZ am Sonntag reported on Sunday.
The Swiss newspaper cited a supply as saying UBS had come round to the thought of a spin-off, which it initially deemed “out of the query”, amid rising public and political stress.
UBS executives have repeatedly stated that every one choices have been nonetheless on the desk regarding Credit score Suisse’s home enterprise.
NZZ additionally reported a number of sources as confirming that former co-head of UBS’s international wealth administration division, Tom Naratil, would rejoin the financial institution, having stepped down in October.
UBS declined to remark.
Reporting by Noele Illien; Enhancing by Alex Richardson
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