Profitable business with big risks: UBS now finances superyachts thanks to CS

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Marc Burgi

Credit Suisse’s business was widespread and included many niche businesses. One of these commercial niches was lending for superyachts: The big bank in Zurich lent the money to the super-rich so they could buy expensive ships.

UBS seems to like it too: It will continue to finance the yacht, the “Neue Zürcher Zeitung” reported. This particular form of loan financing is clearly lucrative, but it also involves risks. Credit Suisse has brought several legal disputes, for example, last year: CS sued a Saudi Arabian prince in London for failing to pay two loans on time, according to the bank. Prince Fahad bin Sultan used the outstanding loans to buy a yacht called Sarafsa and a cottage near London.

More about the new UBS

Stock value trick?

Another lawsuit against the UBS/CS merger

Good news for employees

Up to 2000 CS computer scientists can be hosted on UBS

Swiss justice on the yoke

Money laundering case turns into a mysterious business crime

Source :Blick

Tim

I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.