Ashurst advised Credit Suisse on the refinancing of an existing margin loan portfolio previously provided by UBS AG Australia Branch (UBS Australia), as part of the management buyout by Crestone Holdings of UBS's wealth management business in Australia.

UBS Australia had spun off its wealth management business to Crestone Holdings through a management buyout.  As part of the acquisition, the existing portfolio of margin loans were refinanced by Credit Suisse who will provide ongoing margin lending facilities to Crestone's wealth management customers.

This is a landmark transaction for both Credit Suisse and UBS, and it helps secure Credit Suisse's cornerstone relationship with Crestone in its new wealth management business.

The transaction was bespoke and unique in its documentation of the commercial terms and operational mechanics in relation to the refinancing of the margin loans and release and transfer of underlying collateral.
The Ashurst team was led by partner Steve Smith, who was assisted by senior associate Kenneth Tang (Banking).