UBS announces an agreement with Apollo to close its investment management contract with Atlas, under which Apollo will buy back eight billion dollars of senior secured financing facilities from the Swiss bank.

This mutually beneficial agreement is in line with UBS's strategy to reduce and simplify its Non-Core and Legacy (NCL) portfolio," he says, adding that it completes the demerger of Credit Suisse's former securitized products business.

UBS expects to book a net gain of around 0.3 billion dollars in the first quarter of 2024 as a result of this agreement, while Credit Suisse is expected to book a net loss of around 0.9 billion.

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