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Accounting for the acquisition of Credit Suisse Group (Tables)
6 Months Ended
Jun. 30, 2023
Disclosure Of Business Combinations [Line items]  
Determination of the purchase price consideration
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Measure
The Credit Suisse Group ordinary shares outstanding, 12 June 2023
Number of shares (m)
3,949
Exchange ratio (1 to 22.48)
Ratio
0.04
UBS ordinary shares
Number of shares (m)
176
UBS ordinary share price
CHF
18.35
Purchase price consideration, before consideration of share-based compensation
 
awards
CHF m
3,223
Purchase price consideration, before consideration of share-based compensation awards
 
using exchange rate of 1.10
1
USD m
3,547
Impact of share-based compensation awards
2
USD m
162
Purchase price consideration, after consideration of share-based compensation awards
USD m
3,710
Settlement of pre-existing relationships
USD m
135
Provisional purchase price consideration, after consideration of pre-existing relationships
USD m
3,845
Net cash and cash equivalents acquired with the Credit Suisse
 
Group (included in cash flows from investing activities)
USD m
108,510
of which: cash and balances at central banks
USD m
93,012
of which: amounts due from banks
USD m
12,601
of which: money market paper
USD m
2,897
1 The purchase
 
price consideration is
 
reflected as a
 
reduction to treasury
 
shares of the
 
Group at their
 
weighted average cost,
 
with the difference
 
between the fair
 
value of UBS
 
shares on the
 
closing date and the
weighted average cost
 
of treasury shares
 
in the UBS
 
Group balance sheet
 
on closing date
 
taken as
 
an adjustment to
 
share premium. As
 
of 12 June
 
2023, this resulted
 
in a total
 
purchase price of
 
approximately
USD
3.7
bn, based on the UBS
 
Group AG share price on 12
 
June 2023.
 
2 Represents the value of
 
share-based compensation awards outstanding to Credit
 
Suisse employees attributable to the service
 
period completed
on the date of acquisition.
Recognized amounts of indetifiable assets acquited and liabilities assumed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
USD m
Acquisition date value
Purchase price consideration, after consideration of share-based compensation awards
3,710
The Credit Suisse Group net assets at fair value
Assets
Cash and balances at central banks
93,012
Amounts due from banks
13,590
Receivables from securities financing transactions
26,194
Cash collateral receivables on derivative instruments
20,878
Loans and advances to customers
261,839
Other financial assets measured at amortized cost
13,440
Total financial assets measured at amortized cost
1
428,954
Financial assets at fair value held for trading
35,046
Derivative financial instruments
62,162
Brokerage receivables
366
Financial assets at fair value not held for trading
61,305
Total financial assets measured at fair value through profit or loss
158,879
Financial assets measured at fair value through other comprehensive income
1
0
Investments in associates
1,657
Property, equipment and software
6,055
Intangible assets
1,287
Deferred tax assets
942
Other non-financial assets
6,892
Total assets
604,667
Liabilities
Amounts due to banks
107,617
Payables from securities financing transactions
11,911
Cash collateral payables on derivative instruments
10,939
Customer deposits
183,119
Debt issued measured at amortized cost
110,491
Other financial liabilities measured at amortized cost
7,992
Total financial liabilities measured at amortized cost
432,070
Financial liabilities at fair value held for trading
5,711
Derivative financial instruments
66,091
Brokerage payables designated at fair value
316
Debt issued designated at fair value
44,909
Other financial liabilities designated at fair value
7,574
Total financial liabilities measured at fair value through profit or loss
124,601
Provisions and contingent liabilities
11,052
Other non-financial liabilities
3,888
Total liabilities
571,611
Non-controlling interests
(285)
Fair value of net assets acquired
32,771
Settlement of pre-existing relationships
135
Provisional negative goodwill resulting from the acquisition
28,925
1 Refer to Note 8 for information about credit quality of financial assets, including purchased credit-impaired
 
(PCI) positions.
Pre-existing relationships
 
 
 
 
 
 
 
 
 
 
USD m
Cash collateral receivables on derivative instruments
7
Derivative financial instruments
1,476
Debt instruments issued by the Credit Suisse Group and held
 
by UBS
98
Total assets
1,581
Cash collateral payables on derivative instruments
572
Derivative financial instruments
813
Total liabilities
1,385
Treasury shares
(61)
Total equity
(61)
Total net pre-existing relationships
135