The $UBSG (+1.8%) removes legacy issues from the world
UBS has announced that it will make a redemption offer to investors in the liquidated Greensill funds. Investors can receive 90% of the net asset value per unit as of February 25, 2021, less any payments already received. The offer will run until July 31, 2024 and will be funded by the purchase of units of the feeder sub-funds. UBS does not expect any material impact on its financial result or Common Equity Tier 1 ratio as provisions have already been made.
The Greensill case is one of the more prominent "skeletons in the closet" of the former Credit Suisse.
Read more in the original article (free):
I like the way Ermotti and his team are handling the matter and continuing to build confidence. I remain positive about the share. I like the management, wealth management is going well, major clients rely on the bank & the dividend policy (progressive) gives hope for a lot. At the beginning of February 2024, the big bank also announced that it would start buying back shares again in the second half of 2024. In the current year 2024, there was talk of up to 1 bn. (~1.5% of the outstanding shares currently).
Happy investing
GG
(Not a fan of forum spamming myself, so take a break! 💕)
