Events after the reporting period

12 Months Ended

Dec. 31, 2023

Events After The Reporting Period [Line Items]

Disclosure of events after reporting period [text block]

Note 34 Events after the reporting period

Adjustment made within the IFRS 3 measurement period after publication of the fourth quarter 2023 report

The acquisition of the Credit Suisse Group in the second quarter of 2023 resulted in provisional negative goodwill of

USD

28.9

bn. Following the publication of the unaudited fourth quarter 2023 report on 6 February 2024, UBS has refined

its acquisition-date fair value estimates in accordance with the 12-month measurement period requirements provided by

IFRS 3, Business Combinations. This has resulted in an adjustment of USD

1.2

bn, decreasing the negative goodwill to

USD

27.7

bn. As a result, 2023 operating profit before tax and 2023 net profit attributable to shareholders decreased by

USD

1.2

bn, basic earnings per share decreased by USD

0.38

 to USD

8.83

 and diluted earnings per share decreased by

USD

0.36

 to USD

8.45

. 

›

Refer to Note 2 for more information

Non-adjusting post balance sheet events

On 22 March 2024, Credit Suisse (Schweiz) AG repaid loans drawn under the Emergency Liquidity Assistance (ELA)

facility, reducing the amount of loans outstanding under the ELA from CHF

38

bn to CHF

19

bn as of that date.

In March 2024, Credit Suisse has entered into agreements with entities and funds managed by affiliates of Apollo Global

Management (collectively, Apollo) and Atlas SP Partners (Atlas) to conclude the investment management agreement

under which Atlas has managed Credit Suisse’s retained portfolio of assets of its former securitized products group

(SPG). Following this agreement, the assets previously managed by Atlas will be managed in Non-core and Legacy. The

parties have also agreed to conclude the transition services agreement under which Credit Suisse has provided services

to Atlas. In addition, Credit Suisse AG has entered into an agreement to transfer to Apollo approximately USD

8

bn of

senior secured asset-based financing. As part of the loan transfer, Credit Suisse AG will extend a one-year USD

750

m

swingline facility to the borrowers under the transferred financing facilities. UBS Group expects to recognize a net gain

in the first quarter of 2024 of around USD

0.3

bn from the conclusion of the investment management agreement and

assignment of the loan facilities.