UBS intends to buy Credit Suisse‘s wealth management unit in Japan through a joint venture with SuMi TRUST Wealth Management.

The partners in the partnership will rebalance their stakes after Credit Suisse customer assets are added to Japan, according to Reuters.

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This will preserve the original UBS 51%/SuMi TRUST Holdings 49% ownership structure.

UBS SuMi anticipates that all of Credit Suisse’s advisers and wealth management assets in Japan will be shifted to UBS SuMi after the merger of UBS and Credit Suisse, which is scheduled to be concluded at the end of June.

moreover, earlier this month, UBS repurchased 298,537,950 shares as part of the 2022 share buyback programme, recapturing 8.62% of the company’s current registered share capital.

The entire share buyback volume from UBS was CHF5,009,665,264 ($5,244,697,247), including CHF1,181,782,165 in 2023 prior to the announcement of Credit Suisse ‘s takeover.

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On 12 April 2023, the Swiss Takeover Board allowed the use of up to 178,031,942 shares repurchased under the 2022 programme and intended for cancellation in the acquisition of the Credit Suisse Group.

The organisation plans to launch a new 2024 share repurchase programme for up to $2bn on 3 April 2024.

It intends to repurchase up to $1bn of shares in 2024, beginning once the merger of UBS and Credit Suisse is completed, which is anticipated by the end of the second quarter.

By 2026, the goal is to have exceeded the pre-acquisition share repurchase level.

Company partnerships

By partnering up with Milan-based Ver Capital SGR, an Italian financial operator, Sienna Investment Managers, IM, has expanded its private loan business and joins the Italian market.

This purchase represents another key step in Sienna IM’s expansion plan as a pan-European, multi-expertise asset management organisation with a foothold in eight countries.