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Interests in subsidiaries (Tables)
12 Months Ended
Dec. 31, 2023
Disclosure Interests In Subsidiaries Tables [Line Items]  
Disclosure Of Significant Investments In Subsidiaries Explanatory
 
 
 
 
 
 
Individually significant subsidiaries
 
of UBS Group AG as of 31 December 2023
Company
Registered office
Share capital in million
Equity interest accumulated in %
UBS AG
Zurich and Basel, Switzerland
USD
385.8
100.0
UBS Business Solutions AG
1
Zurich, Switzerland
CHF
1.0
100.0
Credit Suisse AG
Zurich, Switzerland
CHF
4,399.7
100.0
Credit Suisse Services AG
Zurich, Switzerland
CHF
1.0
100.0
1 UBS Business Solutions AG holds subsidiaries in China, India, Israel and Poland.
Disclosure Of Investments In Associates And Joint Arrangements Explanatory
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in associates and joint ventures
USD m
2023
2022
Carrying amount at the beginning of the year
1,101
1,243
Additions
1
3
Acquisition of the Credit Suisse Group
1,569
0
Reclassifications
(33)
(44)
Share of comprehensive income
(365)
(41)
of which: share of net profit / (loss)
1
(348)
32
of which: share of other comprehensive income
2
(17)
(73)
Share of changes in retained earnings
(1)
0
Dividends received
(90)
(31)
Foreign currency translation
192
(30)
Carrying amount at the end of the year
2,373
1,101
of which: associates
2,164
1,098
of which: SIX Group AG, Zurich
1,646
954
of which: other associates
519
144
of which: joint ventures
209
3
1 For 2023, consists of negative USD
383
m from associates, partly offset by USD
34
m from joint ventures (for 2022, consists of
 
USD
27
m from associates and USD
5
m from joint ventures).
 
2 For 2023, consists of
negative USD
17
m from associates (for 2022, consists of negative USD
73
m from associates).
Disclosure Of Interests In Unconsolidated Structured Entities Explanatory
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interests in unconsolidated structured entities
31.12.23
USD m, except where indicated
Securitization
vehicles
1
Client
vehicles sponsored
by UBS
2
Investment
funds
Other vehicles
sponsored by third
parties
3
Total
Maximum
exposure to loss
4
Financial assets at fair value held for trading
2,086
58
9,653
325
12,122
12,122
Derivative financial instruments
2
174
68
0
244
244
Loans and advances to customers
0
0
312
246
558
558
Financial assets at fair value not held for trading
1,645
0
497
579
2,720
2,720
Financial assets measured at fair value through other
comprehensive income
0
0
0
0
0
0
Other financial assets measured at amortized cost
202
0
1
0
203
453
Total assets
3,935
232
10,531
1,151
15,848
16,098
Derivative financial instruments
7
27
590
0
623
98
Total liabilities
7
27
590
0
623
98
Assets held by the unconsolidated structured entities in
which UBS had an interest (USD bn)
70
5
3
6
276
7
1
8
31.12.22
USD m, except where indicated
Securitization
vehicles
1,2
Client
vehicles sponsored
by UBS
2
Investment
funds
Other vehicles
sponsored by third
parties
3
Total
Maximum
exposure to loss
4
Financial assets at fair value held for trading
263
2
5,884
0
6,149
6,149
Derivative financial instruments
3
160
115
0
278
278
Loans and advances to customers
0
0
119
0
119
119
Financial assets at fair value not held for trading
0
0
225
0
225
225
Financial assets measured at fair value through other
comprehensive income
0
0
0
0
0
0
Other financial assets measured at amortized cost
0
0
2
0
3
252
Total assets
266
162
6,345
0
6,773
7,023
Derivative financial instruments
1
35
763
0
798
2
Total liabilities
1
35
763
0
798
2
Assets held by the unconsolidated structured entities in
which UBS had an interest (USD bn)
39
5
2
6
139
7
0
1 Includes loans with a high
 
LTV and
 
credit-impaired loans to pre-securitization
 
warehouse structured entities managed
 
by third parties, as
 
well as securities issued by
 
securitization structured entities sponsored
 
by
both UBS and third parties.
 
2 Client vehicles sponsored by UBS are structured entities that do not qualify as a securitization in line with regulatory requirements and are not considered an investment fund. Effective
from 31 December 2023, bonds
 
issued by US government-sponsored
 
entities included in Group
 
Treasury‘s HQLA
 
and interests in third-party
 
funding vehicles of large
 
multi-nationals have been excluded,
 
with prior
periods restated.
 
The restatement
 
resulted in
 
a decrease
 
in interests
 
in securitization
 
vehicles of
 
USD
852
m and
 
a decrease
 
in interests
 
in client
 
vehicles of
 
USD
5,057
m as
 
of 31 December
 
2022. There
 
was a
corresponding decrease in assets held by securitization vehicles in which
 
UBS has an interest of USD
11
bn and a decrease in assets held by client
 
vehicles in which UBS has an interest of USD
105
bn as of 31 December
2022.
 
3 Other vehicles sponsored
 
by third parties
 
are structured entities
 
that do not
 
qualify as a
 
securitization in line
 
with regulatory requirements
 
and are not
 
considered an investment
 
fund. Interests in
 
other
vehicles sponsored by third parties included loans
 
with a high LTV
 
and credit-impaired loans provided
 
to third-party structured entities.
 
4 For the purpose of this
 
disclosure, maximum exposure to
 
loss amounts do
not consider the risk-reducing effects of collateral or other credit enhancements.
 
5 Represents the principal amount outstanding.
 
6 Represents the market value of total assets.
 
7 Represents the net asset value
of the investment funds sponsored by UBS and the carrying amount of UBS’s interests in the investment
 
funds not sponsored by UBS.
 
8 Represents the carrying amount of UBS's interest in other vehicles sponsored
by third parties.
UBS AG Subsidiaries  
Disclosure Interests In Subsidiaries Tables [Line Items]  
Disclosure Of Significant Investments In Subsidiaries Explanatory
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other subsidiaries of UBS AG and Credit Suisse
 
AG as of 31 December 2023
Company
Registered office
Primary business
Share capital in million
Equity interest
 
accumulated in %
Banco de Investimentos Credit Suisse (Brasil) S.A.
São Paulo, Brazil
Investment Banking
BRL
164.8
100.0
BANK-now AG
Horgen, Switzerland
Personal & Corporate Banking
CHF
30.0
100.0
Credit Suisse (Hong Kong) Limited
Hong Kong, China
Investment Banking
HKD
8,192.9
100.0
Credit Suisse (UK) Limited
London, United Kingdom
Global Wealth Management
GBP
245.2
100.0
Credit Suisse (USA), Inc.
Wilmington, United States
Investment Banking
USD
0.0
100.0
Credit Suisse Bank (Europe), S.A.
Spain, Madrid
Investment Banking
EUR
18.0
100.0
Credit Suisse Funds AG
Zurich, Switzerland
Asset Management
CHF
7.0
100.0
Credit Suisse Securities (Europe) Limited
London, United Kingdom
Non-core and Legacy
USD
9.6
100.0
Credit Suisse Securities (Japan) Limited
Tokyo, Japan
Investment Banking
JPY
78,100.0
100.0
Credit Suisse Securities (USA) LLC
Wilmington, United States
Non-core and Legacy
USD
0.0
100.0
Credit Suisse Services (USA) LLC
Wilmington, United States
Group Items
USD
0.0
100.0
DLJ Mortgage Capital, Inc.
Wilmington, United States
Non-core and Legacy
USD
0.0
100.0
UBS Asset Management (Americas) Inc.
Wilmington, Delaware, USA
Asset Management
USD
0.0
100.0
UBS Asset Management Life Ltd
London, United Kingdom
Asset Management
GBP
15.0
100.0
UBS Business Solutions US LLC
Wilmington, Delaware, USA
Group Items
USD
0.0
100.0
UBS Fund Management (Switzerland) AG
Basel, Switzerland
Asset Management
CHF
1.0
100.0
UBS (Monaco) S.A.
Monte Carlo, Monaco
Global Wealth Management
EUR
49.2
100.0
UBS Securities Australia Ltd
Sydney, Australia
Investment Bank
AUD
0.3
1
100.0
UBS Securities Hong Kong Limited
Hong Kong SAR, China
 
Investment Bank
HKD
2,841.6
100.0
UBS Securities Japan Co., Ltd.
Tokyo, Japan
Investment Bank
JPY
34,708.7
100.0
UBS SuMi TRUST Wealth Management Co., Ltd.
Tokyo, Japan
Global Wealth Management
JPY
5,165.0
51.0
1 Includes a nominal amount relating to redeemable preference shares.