© Reuters. A logo of Swiss bank UBS is seen in Zurich, Switzerland March 29, 2023. REUTERS/Denis Balibouse/File photo
ZURICH (Reuters) – Cevian Capital has taken a 1.3% stake in UBS, worth around 1.2 billion euros ($1.31 billion), the activist investor group said on Tuesday.
The investment group said it saw “significant value potential” in UBS following its takeover of Credit Suisse.
UBS shares have risen by 47% this year, outpacing the Swiss market index, which has risen by 4%.
The stock, which closed on Monday at 25.35 Swiss francs, had the potential to reach 50 francs, Cevian managing partner Lars Forberg said.
“The board and management team are doing an excellent job integrating Credit Suisse and we have been impressed by their commitment to further improve UBS,” Forberg said.
“Strengthened by the acquisition, UBS is the largest global wealth manager with unique market positions and financial strength,” he added. “If the valuation gap to Morgan Stanley at 2x price to tangible book is closed, the UBS share is worth CHF 50.”
($1 = 0.9156 euros)
This story originally appeared on Investing
