UBS Group AG
Case number(s)
Decision date

Consent granted
Section 13(1)(c) Overseas Investment Act 2005

Decision maker Toitū Te Whenua Land Information New Zealand
Decision date 16 May 2023
Pathway(s) Significant business assets
Investment Indirect acquisition of freehold interest in non-sensitive commercial properties in Wellington, New Zealand (subject to a merger by absorption) which are used in carrying on business in New Zealand, and where the total value of the consideration exceeds $100 million. 
Consideration $360,000,000

UBS Group AG 
Registered shares: 
(Switzerland 20.6%)
(Europe, Middle East and Africa 16%)
(Americas 9.8%), 
(Asia Pacific 1%) 

Unregistered shares: 52.6%

Vendor Credit Suisse Group AG
Saudi Arabia 9.9%)
(United States of America 5.1%)
(Qatar 5.0%)
(Various 80.0%)

UBS and Credit Suisse are both multinational investment banks and financial services companies founded and based in Switzerland, and active globally. Their businesses include wealth management, asset management, investment banking services, and retail and corporate banking.

In New Zealand, UBS provides services in investment banking, equities trading, research to clients and limited cross border services to non-retail wealth management clients. UBS is not a registered bank in New Zealand. 

UBS has more than 30 professional staff in New Zealand, providing financial services to corporate, institutional and government clients. It has an office, located in the HSBC Tower at 188 Quay Street in central Auckland.

UBS and Credit Suisse are proposing to merge via absorption under the Swiss Merger Act, with UBS being the only remaining entity post-transaction resulting in UBS acquiring an indirect freehold interest in non-sensitive commercial properties in New Zealand. 

The proposed merger follows from a severe deterioration of Credit Suisse’s financial situation. Most recently, the collapse of the Silicon Valley Bank, the Signature Bank, and the First Republic Bank in the US in early March 2023 resulted in a concern that those events in the US banking market could have a systemic risk outside the US and cause another global financial crisis.

Consent was granted as the Applicant has met the investor test criterion.

More information

Glenn Shewan
Bell Gully (Auckland)
PO Box 4199
Auckland 1140