Norwegian sovereign wealth fund has become the largest shareholder of UBS bank – Kommersant
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Norges Bank Investment Management (NBIM), manager of the Norwegian sovereign wealth fund, has increased its share in the Swiss bank UBS up to 5%. Thus, as he writes Financial Times (FT) citing calculations by the analytical company S&P Capital IQ, NBIM became the largest shareholder of UBS, surpassing American investment funds BlackRock and Dodge & Cox. They own 4.9% and 3% of the bank’s shares, respectively.
As the FT notes, the increase in the share of the Norwegian fund is due to UBS’s desire to attract foreign investors after takeovers Credit Suisse. Over the past six months, UBS shares have risen 30%, and the bank’s profit in the second quarter reached record $29 billion. Nevertheless, many large investment funds are still cautious about the bank’s shares, trying to understand how quickly and efficiently UBS will be able to integrate Credit Suisse into its activities.
NBIM was previously one of the largest shareholders of UBS – in the last two decades it has been among the bank’s top 10 shareholders. The Norwegian sovereign wealth fund is the world’s largest sovereign wealth fund, with assets reaching $1.4 trillion.
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