ZURICH - UBS Group AG (NYSE:UBS) has changed its course regarding the sale of Credit Suisse's distressed debt portfolio. After a lackluster response to a collective sale, the Swiss banking giant is now looking to divest individual assets.
This move comes in the wake of UBS’s emergency acquisition of Credit Suisse, which included a troubled debt portfolio valued at about $77 billion as of the third quarter of the previous year.
The decision to abandon the group sale approach was made today, following an unsuccessful attempt last year to sell the portfolio as a whole. The assets, comprising various trading positions, are now placed within UBS's specialized wind-down unit.
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