Under the deal, UBP
will not take on liability for Coutts International's ongoing litigation issues.
For Geneva-based UBP
, this is its first major deal since it bought Lloyds Banking Group's (LLOY.
continues to maintain a highly stable and liquid balance sheet; with a Tier 1 ratio of 29%, it is one of the best-capitalised banks in Switzerland.
Suralaya operates 10 power generating plants using steam energy with a total installed capacity of 4,085 MW.
In the midst of the industry's mutations and consolidations, UBP
can rely on its sound client-acquisition strategy, its high-performance range of products and efficient services, and its teams' unwavering efforts to meet all its clients' needs," says Guy de Picciotto, UBP
has a very strong focus on investment strategy but is also known particularly for its expertise in the field of alternative investments.
With its Tier 1 ratio above 30%, UBP
is one of the best-capitalised Swiss banks.
Turkish Cypriot leader Dervis Eroglu: supported by the old guard within the UBP
Irsen Kucuk, chairman of UBP
, founded minority government on May 17 following election of Dervis Eroglu as President on April 19 and got vote of confidence on May 27.
funded the acquisition with available cash remaining from its successful sale of $60 million of preferred stock in March of 2008.
Commenting on the financing transaction, Willing Biddle, UBP
's President and Chief Operating Officer said, "We are pleased to announce this new unsecured revolving credit facility that will continue to provide UBP
with the liquidity it needs to be efficient in closing acquisition opportunities as they present themselves in our marketplace.
Mr Chen has found in UBP
a solid international business partner and we are convinced that, in turn, our global network of clients will benefit greatly from his in-depth expertise.