2023-12-06 22:22:04
Zurich (awp) – Credit Suisse is selling its real estate fund management activities in Brazil to Patria Investments. The amount of the transaction is up to 650 million reais, or around 115 million Swiss francs, said the bank now absorbed by UBS on Wednesday evening.
The publicly traded real estate fund Credit Suisse Hedging-Griffo Real Estate has assets under management of approximately $2.4 billion, CS said in a press release.
As part of the integration of Credit Suisse activities, UBS evaluated the strategic suitability, distribution channels and scale potential of the various business units, said the head of UBS Brazil Sylvia Cutinho. It was following this evaluation that the sale was decided. The three-key bank will continue to offer Patria funds to its wealthy clients in Brazil.
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