Standard Chartered CEO: Credit Suisse sale to UBS was ‘surprising’ – Reuters

Standard Chartered CEO: Credit Suisse sale to UBS was ‘surprising’ – Reuters

DOHA, May 23 (Reuters) - Standard Chartered CEO Bill Winters on Tuesday said the sale of Credit Suisse (CSGN.S) to UBS (UBSG.S) was "surprising" given the "unusual" terms of the deal, which prioritised shareholders over bondholders.

"The conclusion was very surprising to me, in terms of the way that the bank was resolved through this very unusual sale to UBS, with associated unusual payments to shareholders versus bondholders," Winters told an audience at the Qatar Economic Forum, organised by Bloomberg.

Under the rescue deal, engineered by Swiss authorities over one March weekend amid global banking turmoil, UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.4 billion) in stock and to assume up to 5 billion francs in losses that would stem from winding down part of the business.