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Swiss Banks

All articles tagged with #swiss banks

business2 years ago

UBS Revamps Domestic Board in Response to Credit Suisse Acquisition

UBS is set to revamp the board of its domestic Swiss business following its takeover of Credit Suisse, appointing Roger von Mentlen as chairman of the boards of directors for both UBS Switzerland and Credit Suisse Switzerland. The change, effective from November 1, aims to ensure coordinated supervision of the two banks, which are expected to complete their legal merger next year. The move comes as UBS plans to integrate Credit Suisse's domestic business into its existing operations after the emergency takeover earlier this year.

via Reuters|
#board-overhaul#business#credit-suisse
finance2 years ago

UBS Completes Takeover of Credit Suisse, Sets Red Lines for Staff.

UBS has completed its takeover of Credit Suisse, creating a Swiss bank with a balance sheet of $1.6tn and a workforce of 120,000. The deal, worth $3.2bn, was agreed in March, with Swiss regulators playing a key role in the acquisition amid worries that severe losses at Credit Suisse could destabilize the banking system. Following the merger, Credit Suisse and its American Depositary Shares will be delisted from the SIX Swiss Exchange and New York Stock Exchange, with shareholders receiving one UBS share for every 22.48 Credit Suisse shares held.

via CNBC|
#credit-suisse#finance#merger
business2 years ago

UBS set to finalize Credit Suisse takeover and retain Asia bankers.

UBS expects to complete its takeover of Credit Suisse as early as June 12, creating a giant Swiss bank with a balance sheet of $1.6 trillion. The deal's completion is subject to the registration statement being declared effective by the U.S. Securities and Exchange Commission and other remaining closing conditions. Upon completion, Credit Suisse shares and American Depositary Shares will be delisted from the SIX Swiss Exchange and the New York Stock Exchange. The deal will create a group overseeing $5 trillion of assets, giving UBS overnight a leading position in key markets.

via CNBC|
#business#credit-suisse#merger
finance2 years ago

Credit Suisse Chairman Apologizes for UBS Takeover and Shareholder Anger

Credit Suisse Chairman and CEO addressed the bank's near-collapse and UBS's planned takeover of it. The bank's leaders "didn't have the time" to get the beleaguered bank "back on track" and their plans "were disrupted" in March. Credit Suisse faced a "major setback" in October with "massive" outflows. The UBS merger "had to go through," arguing a restructuring would have "led to the worst scenario." The deal came about without shareholder approval and was slammed by many shareholders who attended the meeting.

via Fox Business|
#collapse#credit-suisse#finance
crime2 years ago

Bankers convicted for aiding Putin's friend in setting up Swiss account.

Four bankers, including three Russians and one Swiss, have been convicted of failing to perform due diligence in financial transactions and helping a close friend of Russian President Vladimir Putin move millions of dollars through Swiss bank accounts. The friend, Sergey Roldugin, a concert cellist dubbed "Putin's wallet," deposited millions of francs in Swiss bank accounts between 2014 and 2016. The bankers were fined a total of 741,000 Swiss francs ($809,000) and were found guilty of helping Roldugin operate two bank accounts at Gazprombank in Zurich without conducting sufficient checks.

via CNN|
#crime#due-diligence#financial-transactions
finance2 years ago

Bankers convicted for aiding Putin's Swiss accounts.

Four bankers, including three Russians and one Swiss, have been convicted of lacking diligence in financial transactions for helping Sergei Roldugin, a close friend of Vladimir Putin, move millions of francs through Swiss bank accounts. Roldugin, who is godfather to Putin’s eldest daughter, has been dubbed “Putin’s wallet” by the Swiss government. The men helped Roldugin deposit millions of francs in Swiss bank accounts between 2014 and 2016 without conducting sufficient checks. The case highlighted how people like Roldugin were used as “strawmen” to hide the true owners of money.

via The Guardian|
#finance#financial-transactions#money-laundering
crime2 years ago

Bankers convicted for aiding Putin's friend in setting up Swiss account.

Four bankers, including three Russians and one Swiss, have been convicted of lacking diligence in financial transactions for helping Sergey Roldugin, a close friend of Vladimir Putin, move millions of francs through Swiss bank accounts. Roldugin, who is godfather to Putin's eldest daughter, has been dubbed "Putin's wallet" by the Swiss government. The men helped Roldugin deposit millions of francs in Swiss bank accounts between 2014 and 2016 without conducting sufficient checks. The case highlights how people like Roldugin were used as "strawmen", a way to hide the true owners of money.

via Reuters|
#crime#financial-transactions#money-laundering
business2 years ago

Swiss Banks' Rescue Triggers Uneven Results for Hedge Funds.

The Swiss government, central bank and financial regulator, known as the "Swiss trinity", forced UBS to bail out Credit Suisse during the 2008 financial crisis, according to a new book. The move was seen as necessary to prevent a systemic collapse of the Swiss banking system. The book also reveals that UBS was reluctant to help its rival, but was ultimately pressured into doing so by the Swiss authorities.

via Financial Times|
#business#credit-suisse#financial-crisis
cryptocurrency2 years ago

Swiss Banks Attract Crypto Firms Amid Industry Turmoil

With major crypto-supportive banks in the US failing, crypto firms are turning to Swiss banks for financial support. Crypto-focused banks in Switzerland are reporting an increase in traffic from American clients, with SEBA Bank experiencing a "pronounced uptick." Arab Bank has also seen an increase in interest from crypto venture capital businesses since early March. However, regulatory issues around onboarding US clients ultimately restrict the bank to absorbing an estimated one or two more firms at most. Some industry leaders suspect that the sudden lack of major crypto banks in the US is a deliberate government attempt to drive the industry from its borders.

via CryptoPotato|
#crypto-firms#cryptocurrency#regulatory-issues
business2 years ago

UBS on the Verge of Acquiring Credit Suisse

UBS is reportedly close to acquiring Credit Suisse in a deal that would create one of the largest financial institutions in Europe. The Swiss government and other global authorities are working to seal the agreement before markets open on Monday. Emergency measures are being prepared to fast-track the deal, which would be the first combination of two global systemically important banks since the financial crisis of 2008-2009. Up to 10,000 jobs may be eliminated if the two banks combine.

via New York Post |
#business#credit-suisse#financial-crisis