Categories: Business

Shareholder, regulator pushback ended UBS-Wealthfront deal, SonntagsZeitung stories By Reuters

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© Reuters. FILE PHOTO: The brand of Swiss financial institution UBS is seen at its headquarters, because the unfold of the coronavirus illness (COVID-19) continues, in Zurich, Switzerland February 17, 2021. REUTERS/Arnd Wiegmann/File Photograph/File Photograph

ZURICH (Reuters) – Resistance from shareholders and United States regulators torpedoed Swiss financial institution UBS’s $1.4 billion bid for U.S. digital wealth administration group Wealthfront, Swiss paper SonntagsZeitung reported, citing financial institution sources it didn’t determine.

UBS and Wealthfront mentioned final month that they had agreed to terminate the deal that was anticipated to fast-track UBS’s progress within the U.S. market. UBS has declined to touch upon why the transaction fell aside.

Huge shareholders have been dissatisfied with the phrases of the deal after tech inventory valuations plunged as central banks started to tighten coverage to combat inflation, and thought UBS might construct its personal platform with out Wealthfront, the paper mentioned.

“In accordance with a number of sources, U.S. authorities additionally raised issues. UBS has an extended historical past of scandals in the USA. Towards this background, U.S. authorities have been apparently not snug with the deal,” it reported, citing two unnamed sources.

It cited one supply as saying that whereas U.S. banking regulators didn’t clearly veto the deal, UBS administration didn’t make any critical try to beat their issues.

The paper mentioned the failed deal didn’t replicate any variations between Chief Government Ralph Hamers and Chairman Colm Kelleher, who joined UBS after the deal was introduced.

UBS declined to touch upon the report.

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