UBS Group AG shares have been on a tear since the Swiss bank’s rescue of domestic rival Credit Suisse, rising more than a third and adding $27 billion in value.
The stock extended its gains on Thursday, climbing as much as 7.2% after the lender posted a record quarterly profit on the back of the bargain acquisition that was announced in March.
With a market value equivalent to $92 billion, UBS has nailed down its position as the second-largest lender in Europe. At that level it is more than a tenth bigger than BNP Paribas SA, only a month after overtaking its French peer.
Still, the Swiss lender has a long way to go to become Europe’s biggest bank. That title is held by HSBC Holdings Plc with a market capitalization of about $147 billion.
--With assistance from Joe Easton.
This article was provided by Bloomberg News.