The takeover of Credit Suisse by UBS, including a substantial maritime portfolio, is expected to be completed next week.
The troubled Swiss lender said its acquisition should close as early as Monday, 12 June.
Its shares will then be delisted from the SIX Swiss Exchange and New York Stock Exchange.
The deal was announced in March following talks with the Swiss government to stop Credit Suisse’s collapse.
Completion of the acquisition is subject to the registration statement of UBS, which covers shares to be delivered to Credit Suisse investors, being declared effective by the US Securities & Exchange Commission.
Credit Suisse is still the biggest shipping lender to Greece.
“Already some Greek owners have refinanced some of their [Credit Suisse] loans in early 2023 but, on the whole, the bank’s loan portfolio remains largely intact,” according to Ted Petropoulos of Petrofin Research.
Small change
The takeover will probably cause little to no upheaval to Credit Suisse shipping clients, at least the Greek ones.
UBS has said it intends to hold on to and expand its Greek wealth management activities — an area in which Credit Suisse has already made large inroads through its combined ship lending and wealth management operations.
“Our wealth management business in Greece is an integral part of our strategy in the region and one we are looking to grow, having recently announced a new market head to support those ambitions,” a UBS spokesman told TradeWinds.
Of the $10bn shipping book, $5.6bn is believed to be tied to top-notch Greek shipping clients who receive loans against deposits entrusted with Credit Suisse wealth managers.
That strategy has made Credit Suisse the world’s 10th-largest ship lender overall, according to Petrofin Research.
UBS’ ship lending business, by contrast, has been negligible so far. It disclosed exposure to “sea-based shipping” of $200m in its latest annual report.
