Switzerland

Activist investor Cevian has acquired a 1.3% stake, worth €1.2 billion (CHF1.14 billion), in the Swiss bank UBS. This makes the Swedish investment firm one of the bank’s ten largest investors.

Cevian sees significant potential for value appreciation at UBS following the takeover of Credit Suisse, as detailed in a press release issued on Tuesday. Cevian co-founder Lars Förberg was quoted as saying that the Board of Directors and the management team had done an excellent job in integrating Credit Suisse.