UBS Group (UBS) Plans Redemption on Funds Hit by Greensill

18.06.24 15:50 Uhr

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UBS Group AG UBS announced that Credit Suisse Supply Chain Finance Funds have made an offer to redeem fund units. The company will return 90% of the money invested in Credit Suisse funds linked to the collapse of Greensill Capital. This is part of the effort being undertaken by the Swiss bank to resolve Credit Suisse's difficulties.Investors in the Credit Suisse Supply Chain Finance Funds may choose to redeem 90% of the net asset value determined on Feb 25, 2021. The offer commenced on Jun 17, 2024, and will be open until Jul 31, 2024. Fund investors will get information about the redemption offer from their custodians and should consider the terms and disclosures aligned with an offer.With this offer, fund investors should expect a high level of financial recovery and an expedited exit from their stakes. In contrast to payouts made throughout the ongoing recovery process, the offer will provide an early withdrawal from fund investments. UBS Group plans to source the offer by purchasing units of the feeder sub-funds.The offer is not anticipated to materially impact UBS Group's financial performance or CET1 capital ratio, taking into account the provisions incurred in relation to the purchase of Credit Suisse.A provision of approximately $0.9 billion is anticipated to be recorded by the company on a consolidated basis in second-quarter 2024. As a stand-alone basis, no significant effects are anticipated for UBS AG.While UBS Group seeks to resolve a contentious legacy issue, the lender continues to face legal claims linked to the Greensill saga. The increased provision will likely impede the company's bottom-line growth in the near term.In the past six months, UBS’ shares have gained 1.8% compared with the industry’s growth of 7.5%.Image Source: Zacks Investment ResearchCurrently, UBS Group carries a Zacks Rank #2 (Buy).A couple of foreign banks worth a look at are ING Groep N.V. ING and Banco Macro S.A. BMA. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The Zacks Consensus Estimate for ING’s current-year earnings has been revised 4.7% upward in the past 60 days. ING’s shares have gained 9.4% in the past six months. The stock carries a Zacks Rank #2. The Zacks Consensus Estimate for BMA’s current-year earnings has been revised 29.6% upward in the past 60 days. Macro Bank’s shares have surged 128.1% in the past six months. The stock sports a Zacks Rank #1 at present.Where Will Stocks Go…If Biden Wins? If Trump Wins?The answers may surprise you.Since 1950, even after negative midterm years, the market has never had a lower presidential election year. With voters energized and engaged, the market has been almost unrelentingly bullish no matter which party wins!Now is the time to download Zacks' free Special Report with 5 stocks that offer extreme upside for both Democrats and Republicans…1. Medical manufacturer has gained +11,000% in the last 15 years.2. Rental company is absolutely crushing its sector.3. Energy powerhouse plans to grow its already large dividend by 25%.4. Aerospace and defense standout just landed a potentially $80 billion contract.5. Giant Chipmaker is building huge plants in the U.S. Hurry, Download Special Report FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report UBS Group AG (UBS): Free Stock Analysis Report ING Group, N.V. (ING): Free Stock Analysis Report Macro Bank Inc. (BMA): Free Stock Analysis ReportTo read this article on click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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