Categories: Market

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

class=”sc-29f61514-0 fQbOYE”>

1/5
Credit Suisse’s business was widespread.
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

Share
Published by
Tim

Recent Posts

Terror suspect Chechen ‘hanged himself’ in Russian custody Egyptian President al-Sisi has been sworn in for a third term

On the same day of the terrorist attack on the Krokus City Hall in Moscow,…

1 year ago

Locals demand tourist tax for Tenerife: “Like a cancer consuming the island”

class="sc-cffd1e67-0 iQNQmc">1/4Residents of Tenerife have had enough of noisy and dirty tourists.It's too loud, the…

1 year ago

Agreement reached: this is how much Tuchel will receive for his departure from Bayern

class="sc-cffd1e67-0 iQNQmc">1/7Packing his things in Munich in the summer: Thomas Tuchel.After just over a year,…

1 year ago

Worst earthquake in 25 years in Taiwan +++ Number of deaths increased Is Russia running out of tanks? Now ‘Chinese coffins’ are used

At least seven people have been killed and 57 injured in severe earthquakes in the…

1 year ago

Now the moon should also have its own time (and its own clocks). These 11 photos and videos show just how intense the Taiwan earthquake was

The American space agency NASA would establish a uniform lunar time on behalf of the…

1 year ago

This is how the Swiss experienced the earthquake in Taiwan: “I saw a crack in the wall”

class="sc-cffd1e67-0 iQNQmc">1/8Bode Obwegeser was surprised by the earthquake while he was sleeping. “It was a…

1 year ago