Credit Suisse name will fall from Sydney’s sky, eventually
Naming rights haven’t been the best idea for investment banks in Australia. Credit Suisse’s place in the Sydney skyline will go, too. Credit Suisse is all but gone from Australia's deals scene but cannot be forgotten while its logo shines bright over Sydney Harbour at the top of Dexus’ beautiful Gateway building at Circular Quay. Credit Suisse Australia has long called Gateway home, and retains its four floors and naming rights despite a shrinking footprint and its shotgun marriage to UBS in March. UBS is working through the integration and while these things always take longer than expected, there is no way it should be a multi-year story. CreditSuisse has a few years left on the lease, although we cannot imagine UBS will want to keep picking up the tab while most desks are empty. If it does take years, God help the Swiss in actually making the acquisition work.
Pubblicato : 2 anni fa di Anthony Macdonald in Finance
Credit Suisse is all but gone from Australia’s deals scene but cannot be forgotten while its logo shines bright over Sydney Harbour at the top of Dexus’ beautiful Gateway building at Circular Quay.
Credit Suisse Australia has long called Gateway home, and retains its four floors and naming rights despite a shrinking footprint and its shotgun marriage to UBS in March.
Credit Suisse has a few years left on the lease, although we cannot imagine UBS will want to keep picking up the tab while most desks are empty. UBS is working through the integration and while these things always take longer than expected, there is no way it should be a multi-year story. If it does take years, God help the Swiss in actually making the acquisition work.
For the rest of us who see the Credit Suisse logo every morning and night driving over the Sydney Harbour Bridge or getting on and off the ferry or train at Circular Quay, it is a matter of when, not if, Credit Suisse’s name also disappears from the Sydney skyline.
You can bet UBS will not substitute its own name for Credit Suisse’s at the top of the Gateway building – UBS is happy with its set up in the nearby Chifley Tower, has already signed a long-term lease to a new sister building next door and has zero interest in putting its name on some other bank or asset manager’s building. That would be bad luck and only confuse clients.
Temi: Australia, Credit Suisse