UBS picks up chunk of assets escaping failed Credit Suisse
Switzerland’s largest bank, UBS, saw $28 billion (CHF25 billion) of client asset inflows in the first three months of the year as its rival, Credit Suisse, fell into ruin.
Some $7 billion fled into UBS coffers in the space of ten days after it announced the takeover of Credit Suisse on March 19.
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Clients opened new UBS accounts from all over the world as it became clear that Credit Suisse was failing.
Swiss clients moved $8 billion to UBS, which also saw $5 billion inflows in the Asia-Pacific region, $4 billion form the Americas and $3 billion from Europe, the Middle East and Africa.
But UBS could not mop up all the assets departing from the failed Credit Suisse.
On Monday, Credit Suisse said clients had withdrawn CHF60 billion of assets in the first three months of this year on top of CHF110 billion in the last quarter of 2022.
UBS profits have also taken a hit, more than halving in the first three months of 2023 compared to the same quarter last year.
On Tuesday, the bank reported profits of $1 billion compared to $2.1 billion in Q1 2022. For the year as a whole UBS made a net profit of $7.6 billion in 2022.
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