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UBS Selling Securitised Products Business To Apollo: Positive But Immaterially Small

FINANCIALS

UBS (UBSG SW) is selling the last pieces of CS’s securitised products business to Apollo. Good for capital release and complexity reduction but only 0.4% of group assets so immaterially small.


  • This is a renegotiation of a deal originally struck by CS management in an effort to stabilise that business. Now Apollo is buying USD8bn of senior secured loans from UBS outright and the complex financing and management deal is being terminated.
  • UBS will recognise a small gain (USD0.3bn) on the transaction but, more importantly, it reduces capital consumption and complexity. This is another step on UBS’s road to wind down large parts of CS’s investment bank.
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