UBS Mergers and Acquisitions Presentation Deck
Preliminary negative goodwill will support the combined group's capital position
and underpin acquired RWAS
Negative goodwill to be booked as a gain in the income statement upon closing; preliminary numbers subject to change
USD bn
48.8
Credit Suisse
equity attributable
to shareholders
(US GAAP,
31.12.22)¹
(3.5)
(11.3bn) net equity impact
from total transaction
adjustments in registration
statement, of which
(10.6bn) would be part of
the negative goodwill
calculation
Consideration
in shares
(10.6)
(0.7)²
Transaction
adjustments
To support acquired
RWA of Credit Suisse
34.8
Pro forma
negative goodwill
(IFRS, 31.12.22)
Consideration in shares based on UBS share price on 5 May 2023.
Each Credit Suisse share will be exchanged for 1/22.48 UBS shares.
Includes the estimated fair value of outstanding share-based compensation
awards for Credit Suisse employees that is attributable to pre-combination
service.
-
The negative goodwill estimate is preliminary, and the final amount may differ
materially from the amounts presented here.
IFRS 3 allows for a further 12 months to finalize provisional amounts after the
acquisition date.
Includes 17.1bn of Credit Suisse events in 1Q23
See slides 4 and 9 for list of items relevant to CET1 capital
Transaction adjustments totaling (0.7bn) net equity impacts will not be part of
negative goodwill.
-
Estimated (546m) adjustment related to ECL recognition to be booked through
the income statement on day-1.
-
Estimated (0.1bn) acquisition-related costs incurred by UBS until closing of the
transaction, including (70m) already incurred in 1Q23.
A restructuring provision may be booked after the transaction closes.
UBS 1 Credit Suisse reported Shareholders' equity (US GAAP) as of 31.12.22 in CHF has been translated to USD using a spot rate of 1.08 (CHF/USD) as of 31.12.22; 2 (0.5bn) impact from recognition of ECL
allowances and provisions and (0.1bn) UBS acquisition-related costs are not included in the calculation of negative goodwill
8View entire presentation