| Decision |
Consent granted |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 16 May 2023 |
| Pathway(s) | Significant business assets |
| Investment | Indirect acquisition of freehold interest in non-sensitive commercial properties in Wellington, New Zealand (subject to a merger by absorption) which are used in carrying on business in New Zealand, and where the total value of the consideration exceeds $100 million. |
| Consideration | $360,000,000 |
| Applicant |
UBS Group AG Unregistered shares: 52.6% |
| Vendor | Credit Suisse Group AG Saudi Arabia 9.9%) (United States of America 5.1%) (Qatar 5.0%) (Various 80.0%) |
| Background |
UBS and Credit Suisse are both multinational investment banks and financial services companies founded and based in Switzerland, and active globally. Their businesses include wealth management, asset management, investment banking services, and retail and corporate banking. In New Zealand, UBS provides services in investment banking, equities trading, research to clients and limited cross border services to non-retail wealth management clients. UBS is not a registered bank in New Zealand. UBS has more than 30 professional staff in New Zealand, providing financial services to corporate, institutional and government clients. It has an office, located in the HSBC Tower at 188 Quay Street in central Auckland. UBS and Credit Suisse are proposing to merge via absorption under the Swiss Merger Act, with UBS being the only remaining entity post-transaction resulting in UBS acquiring an indirect freehold interest in non-sensitive commercial properties in New Zealand. The proposed merger follows from a severe deterioration of Credit Suisse’s financial situation. Most recently, the collapse of the Silicon Valley Bank, the Signature Bank, and the First Republic Bank in the US in early March 2023 resulted in a concern that those events in the US banking market could have a systemic risk outside the US and cause another global financial crisis. Consent was granted as the Applicant has met the investor test criterion. |
| More information |
Glenn Shewan |