UBS to sell Credit Suisse's U.S. mortgage servicing business
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FILE PHOTO: Todd Tuckner, UBS Group Chief Financial Officer attends a press conference of Swiss bank UBS after the take over of Credit Suisse, in Zurich, Switzerland, August 31, 2023. REUTERS/Denis Balibouse/File Photo
ZURICH (Reuters) -UBS on Tuesday agreed to sell Credit Suisse's U.S. mortgage servicing business, UBS Chief Financial Officer Todd Tuckner said on Wednesday, without naming the buyer.
Tuckner, who was speaking on a call with analysts following publication of the bank's latest results, said the transaction was expected to close in the first quarter of next year.
UBS executives declined to name the buyer on a media call later, though CEO Sergio Ermotti said it was a consortium.
"That's the only thing we can say, and it's up to them to communicate," he added.
(Reporting by Dave Graham, Editing by Rachel More and Thomas Seythal)
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