UBS has put a real estate fund of its former competitor Credit Suisse worth over $2 billion into an “orderly liquidation” as of Thursday, the Swiss bank said.
The Credit Suisse Real Estate Fund International’s total net assets were worth 1.88 billion Swiss francs ($2.17 billion) as of the end of June, UBS said. The fund’s value had fallen significantly during 2023, the bank said earlier this year.
UBS acquired Credit Suisse in 2023 after its longtime rival collapsed amid a string of financial setbacks.
Source: REUTER
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