Norges Bank Investment Management (NBIM), which manages the world's largest sovereign wealth fund, is now the main shareholder of UBS, a Swiss bank that recently completed its merger with Credit Suisse.
Participation increased over 5%
Norway's $1,4 trillion sovereign wealth fund has increased its participation over 5% in UBS, after having been one of its main shareholders for almost two decades. The news was reported by Financial Times.
Norges Bank has superato so do US investors Dodge & Cox e BlackRock, making him the largest investor in UBS, according to S&P Capital IQ. The world's largest fund was also among Credit Suisse's top investors when the bank collapsed in March, but had subsequently sold its stake.
The pressure on UBS after the acquisition of Credit Suisse
In the last six months, i UBS executives were under pressure to demonstrate the success of the aacquisition of Credit Suisse, a $3,4 billion state-orchestrated operation. Investors are closely watching how UBS will manage the complex integration process and when it will resume distribution of profits to shareholders.
In the weeks following the acquisition agreement, NBIM CEO, Nicolai Tangen, Has praised the Swiss government for taking the right measures to save Credit Suisse, thus preventing an out-of-control situation in the Swiss financial sector and beyond.
Colm Kelleher, UBS's chairman for the past 18 months, has focused on a takeover approach to large, mainly American-based active fund managers in order to narrow the bank's valuation gap with its Wall Street counterparts. Since UBS agreed to save Credit Suisse six months ago, its shares rose more than 30%.
