UBS now leading Greek ship financier with Credit Suisse takeover
UBS undertook a significant shipping portfolio by taking over Credit Suisse, a fellow Swiss bank, in an emergency US$3.15 billion deal backed by the government to prevent financial catastrophe, reports Singapore's Splash 247.
Prior to this acquisition, UBS did not have a strong focus on shipping, but it has now gained a substantial presence in the industry.
Credit Suisse was the largest bank financier for Greek shipping since 2016, with a Greek portfolio valued at $5.2 billion as of May 2022, according to Athens-based Petrofin Research.
Petrofin data indicates that Credit Suisse is the world's tenth-largest shipping bank, with an estimated total portfolio of $10 billion.
UBS's plans for shipping are currently unknown.
"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," said a report from chartering platform Shipfix.
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