ZURICH (Reuters) – Cevian Capital has taken a 1.3% stake in bank UBS, worth around 1.2 billion euros, the activist investor said on Tuesday.
Cevian said it saw “significant value potential” in UBS following the takeover of rival Credit Suisse.
UBS declined to comment.
UBS shares rose 47% in 2023, outperforming the Swiss market index, which advanced 4%.
The stock, which closed Monday at 25.35 Swiss francs, has the potential to reach 50 francs, according to Lars Forberg, managing partner of Cevian.
“The board and management team are doing an excellent job integrating Credit Suisse and we have been impressed by their commitment to continuing to improve UBS,” he said.
“Strengthened by the acquisition, UBS is the largest global wealth manager, with unique market positions and financial strength,” he added.
UBS completed an emergency takeover of rival Credit Suisse in June, creating a Swiss banking giant with a balance sheet of $1.6 trillion and overseeing more than $5 trillion in assets.
(Report by John Revill, by Diana Mandiá, edited by Blandine Hénault)
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