UBS assumes leading Greek ship finance position with Credit Suisse takeover

UBS has taken on a very significant shipping portfolio following yesterday’s emergency takeover of compatriot bank Credit Suisse.

UBS came to the rescue of troubled Credit Suisse yesterday in a $3.15bn government-backed deal to avert financial disaster.

UBS has not had a strong shipping focus previously, something that has changed overnight with the Credit Suisse takeover.

Credit Suisse has been the largest bank financier for Greek shipping since 2016, its Greek portfolio worth $5.2bn as of May last year, according to data from Athens-based Petrofin Research. Globally, Credit Suisse is the 10th largest shipping bank, according to Petrofin data, with a total portfolio estimated at $10bn. It remains unclear what UBS’s shipping intentions will be.

“The move could limit the amount of lending available to shipowners, as Credit Suisse’s new owner may not deem shipping finance a core activity,” a report today from chartering platform Shipfix warned.

Copyright: https://splash247.com

UBS has taken on a very significant shipping portfolio following yesterday’s emergency takeover of compatriot bank Credit Suisse.

UBS came to the rescue of troubled Credit Suisse yesterday in a $3.15bn government-backed deal to avert financial disaster.

UBS has not had a strong shipping focus previously, something that has changed overnight with the Credit Suisse takeover.

Credit Suisse has been the largest bank financier for Greek shipping since 2016, its Greek portfolio worth $5.2bn as of May last year, according to data from Athens-based Petrofin Research. Globally, Credit Suisse is the 10th largest shipping bank, according to Petrofin data, with a total portfolio estimated at $10bn. It remains unclear what UBS’s shipping intentions will be.

“The move could limit the amount of lending available to shipowners, as Credit Suisse’s new owner may not deem shipping finance a core activity,” a report today from chartering platform Shipfix warned.

Copyright: https://splash247.com

UBS has taken on a very significant shipping portfolio following yesterday’s emergency takeover of compatriot bank Credit Suisse.

UBS came to the rescue of troubled Credit Suisse yesterday in a $3.15bn government-backed deal to avert financial disaster.

UBS has not had a strong shipping focus previously, something that has changed overnight with the Credit Suisse takeover.

Credit Suisse has been the largest bank financier for Greek shipping since 2016, its Greek portfolio worth $5.2bn as of May last year, according to data from Athens-based Petrofin Research. Globally, Credit Suisse is the 10th largest shipping bank, according to Petrofin data, with a total portfolio estimated at $10bn. It remains unclear what UBS’s shipping intentions will be.

“The move could limit the amount of lending available to shipowners, as Credit Suisse’s new owner may not deem shipping finance a core activity,” a report today from chartering platform Shipfix warned.

Copyright: https://splash247.com