Swiss Bank

Piramal Capital seeking counterbids to sell Rs 702 cr of bad loans

Counterbids for the two pools of bad loans are being invited separately by the non-banking finance company, with the condition that all bids must be on a "full cash" basis

Adani Group denies Hindenburg comment on frozen funds in Swiss banks

Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks

Swiss challenge auction: Union Bank gets sole counter bid for Jaypee Health

Bank called for a Swiss auction for 5 accounts after receiving binding bids from a list of 25 accounts for sale

After rallying to 26-mth high, Asian shares end the week with a whimper

Overnight, the Swiss National Bank cut rates for a second time while the Bank of England opened the door to an easing in August after holding rates steady

UBS makes Karofsky, Iqbal Khan wealth co-heads in management shakeup

Damian Vogel has been appointed Chief Risk Officer and will take over from Christian Bluhm, as part of a series of changes the bank is putting into effect from July 1

Julius Baer CEO resigns as Swiss bank plans to quit private debt business

Julius Baer says its CEO is resigning and the Swiss bank is quitting the private debt business as well as setting aside more than a half-billion Swiss francs (dollars) reportedly over its exposure to bankrupt Austrian asset manager Signa. Chairman Romeo Lacher expressed regret during a presentation Thursday on the bank's 2023 results, saying management had not been a good steward of our firm but that the troubles were a single credit event and other parts of the company were performing well. Zurich-based Julius Baer said it was exiting the private debt business and the annual results reflected net credit losses of 606 million Swiss francs (about USD 702 million) 586 million francs of which included a loan-loss allowance for unspecified private debt exposure. CEO Philipp Rickenbacher said in a statement that he and the board agreed it is in the best interest of the company for me to step down and that the measures taken on the private debt business pave the way to move forward and .

Credit Suisse reinstates independent overseer for Nazi-account probe

The bank confirmed the decision Tuesday, taking the unusual step of amending a press release it issued in April to delete criticism of Barofsky's work.

UBS fined nearly $400 mn over Credit Suisse's relationship with Archegos

Swiss banking giant UBS will pay nearly USD 400 million in fines to US, Swiss and UK banking authorities for the management failures of Credit Suisse, which UBS bought in June, related to how Credit Suisse handled its relationship with collapsed hedge fund Archegos Capital Management. Archegos failed in 2021, costing Wall Street banks billions of dollars in losses, and Credit Suisse took the brunt of the losses. The Swiss bank took more than USD 5 billion in losses from Archegos' failure, which over a period of two years, ultimately led to the fire sale of Credit Suisse to UBS in June. Credit Suisse management was found to give Archegos special treatment through its prime brokerage division, which caused the bank to take on undue risk when Archegos purchased a highly concentrated position in ViacomCBS. The firm's manager, Bill Hwang, is scheduled to face fraud charges for the collapse of Archegos in October. Credit Suisse failed to adequately manage the risk posed by Archegos despit

UBS Group completes takeover of Credit Suisse to create bank titan

The Swiss bank announced the closing of the deal in an open letter in local and international newspapers on Monday. The takeover of Credit Suisse ends the lender's 167-year independent existence

Bank actively seeking ESG debt deals, says C Suisse's MD after takeover

The Swiss bank stands out as a pioneer in a corner of environmental, social and governance investment known as debt-for-nature swaps, a market that it has so far dominated

UBS looks to bring Tom Naratil back and mulls Swiss bank spin-off

UBS executives have repeatedly said that all options were still on the table concerning Credit Suisse's domestic business

UBS reaps $28 billion in new assets in Q1; Credit Suisse deal looms

Swiss banking giant UBS said Tuesday it took in USD 28 billion of net new money for its wealth management business in the first quarter, with USD 7 billion of that coming in the days after the announcement of its government-backed takeover of ailing rival Credit Suisse. The Zurich-based bank, which is set to become Switzerland's banking titan after the merger closes in coming months, said underlying pre-tax profit dropped 22 per cent to USD 2.35 billion in the quarter compared to a year ago, while underlying revenues fell 8 per cent. UBS said it had bought back USD 1.3 billion worth of its shares during the quarter, and reiterated that the share-buyback programme has been temporarily suspended ahead of the closing of the 3 billion Swiss franc (USD 3.4 billion) takeover of Credit Suisse announced on March 19. In the first quarter, we maintained positive momentum across the firm and attracted USD 28 billion of net new money in GWM (Global Wealth Management), of which USD 7 billion cam

Credit Suisse AT1 holders' billions of debt challenged in Swiss court

The Swiss administrative court has received four filings linked to the additional-tier 1 debt writedown, a spokesperson said on Thursday declining to give any detail

Swiss prosecutors probe Credit Suisse ahead of its takeover by UBS

The Swiss attorney general's office says it has opened a probe into the events surrounding embattled bank Credit Suisse, which is to be taken over by rival UBS. Switzerland's government and financial regulators helped engineer the hastily arranged, USD 3.25 billion agreement that was aimed in part to help calm worries about the global financial system and will leave the country with a single huge global bank. The attorney general's office said Monday that it wanted to proactively fulfil its remit and its responsibility to contribute to a clean Swiss financial sector. It said that it has set up monitoring that would enable it to get involved immediately if any offences were committed that come under its auspices. The office said the probe falls short of a formal investigation and is not a criminal inquiry. The office was responding to an emailed request Monday for comment after the Financial Times reported about the probe over the weekend. The statement made no reference to ...

To calm turmoil, UBS to buy Credit Suisse in $3.25 billion rescue deal

Banking giant UBS is buying troubled rival Credit Suisse for almost USD 3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and the bank's customers. Shares of Credit Suisse and other banks plunged this week after the failure of two banks in the US sparked concerns about other potentially shaky institutions in the global financial system. Credit Suisse is among the 30 financial institutions known as globally systemically important banks, and authorities worried about the fallout if it were to fail. The deal was one of great breadth for the stability of international finance," said Swiss President Alain Berset as he announced it Sunday night. "An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the

Credit Suisse tells staff bonuses will still be paid amid UBS takeover

There will be no changes to payroll arrangements and bonuses will still be paid on March 24, Credit Suisse said in an internal memo to staff

Credit Suisse's $17 bn of risky bonds are now worthless after UBS takeover

The bond wipe out is the biggest loss yet for Europe's $275 billion AT1 market, far eclipsing the only other write-down to date of this type of security

Here's how scandal and mistrust ended Credit Suisse's 166-year history

After tense talks over the weekend, UBS Group AG agreed to buy Credit Suisse in an all-share deal for about $3.25 billion, less than the market value of troubled US lender First Republic Bank

The one big winner and many losers of UBS's Credit Suisse rescue deal

After a weekend of frantic talks to forge a solution before markets opened in Asia, the firm struck a deal to buy its smaller rival for about $3.3 billion in an share deal

Euro, Swiss franc recover as market mood improves, traders await ECB meet

But the news of the Swiss National Bank's support for Credit Suisse did calm the mood somewhat