UBS to sell Credit Suisse’s U.S. mortgage servicing business

ZURICH (Reuters) -UBS on Tuesday agreed to sell Credit Suisse’s U.S. mortgage servicing business, UBS Chief Financial Officer Todd Tuckner said on Wednesday, without naming the buyer.

Tuckner, who was speaking on a call with analysts following publication of the bank’s latest results, said the transaction was expected to close in the first quarter of next year.

UBS executives declined to name the buyer on a media call later, though CEO Sergio Ermotti said it was a consortium.

“That’s the only thing we can say, and it’s up to them to communicate,” he added.