UBS looks to offload $2b in Australian loans it inherited from Credit Suisse
Macquarie and Ares have been mentioned as potential buyers for Australian private credit assets UBS assumed as part of its Credit Suisse acquisition.
Investment banking powerhouse UBS is moving to offload its exposure to the $2 billion-odd Australian private credit loan book it inherited from Credit Suisse following the firesale acquisition of its Swiss rival earlier this year.
The loans, written by Credit Suisse before its downfall, are now considered non-core and are being actively wound down, with UBS's risk appetite significantly lower than the private credit arm of Credit Suisse was.
Two sources close to the process told Capital Brief they expect Macquarie Group to be a potential acquirer of some the private credit assets. The sources also expect US private credit giant Ares Management to be interested, alongside other investment bank players locally. UBS declined to comment. Ares and Macquarie were both approached for comment but did not immediately respond.
UBS this week reported its first quarterly loss in six years, citing the integration of Credit Suisse as a drag on its results. It has made no secret of its desire to reduce its risk exposure across its businesses.
