Swiss Banks

Swiss multinational investment bank and financial services company UBS on Wednesday announced the opening of its new GCC here, marking a significant step in strengthening its presence in the city and reaffirming its long-term commitment to India. With the new facility, UBS plans to add nearly 3,000 professionals over the next two years, the Swiss firm said in a release. The state-of-the-art centre further reinforces Hyderabad's growing position as a global hub for high-value financial technology, operations and GCC (global capability centre) leadership, it said. At the inauguration, Telangana Minister for IT and Industries D Sridhar Babu said the city has emerged as a preferred location for the world's most respected financial institutions, and the UBS choosing to deepen its presence here reflects the city's credibility as a global talent and innovation hub. "The decision of UBS to establish its new centre in Hyderabad reflects the confidence global industries place in our ...

The CBI has launched a probe into the swindling of more than 2 lakh Swiss francs (around Rs 2 crore) at India's Permanent Mission in Geneva by a former accounts officer posted there, who allegedly siphoned the amount to bankroll his crypto-gambling ventures, officials said. Mohit, who joined the Permanent Mission in Geneva on December 17, 2024, as an assistant section officer, was given the responsibility to physically submit payment instructions to the Union Bank of Switzerland (UBS), where the accounts of the Mission are maintained in US dollars (USD) and Swiss francs (CHF), they said. The discrepancy was detected in the CHF account. The Mission made payments to Swiss vendors in CHF based on their invoices, which carried pre-printed QR codes having the vendor's bank and invoice details coded in them. The physical copy of the QR codes, along with payment instruction slips signed by the Attache (Admin and Establishment) and DDO Tushar Lakra, is submitted to the UBS to make the ...

Indian deposits in Swiss banks fell 18 per cent over the last decade, but 2024 saw a sharp rebound, with total funds surging over threefold to 3.5 billion Swiss francs, SNB data shows

It's not that investors now know the costs of Switzerland's beefed-up "too big to fail" rules, which follow Credit Suisse's 2023 collapse. There's a lot of uncertainty about the draft law's final form

Should the bank fail, there are no local rivals left to absorb it, while the cost of nationalisation could severely damage public finances, experts have warned

The UBS Billionaire Ambitions Report for 2024 said the total number of billionaires had risen to 2,682 from 2,544 a year earlier, and their worth to $14 trillion from $12 trillion

Trafigura said last month it had made provisions of $1.1 billion after discovering what it described as misconduct at its Mongolian unit, including manipulation of data and concealment of overdue

India could remain Rado's biggest market in the coming years

Bollinger, who is currently co-head of private wealth management for Europe, Middle East and Africa at Goldman Sachs in London, will join Julius Baer no later than Feb 1, 2025, the Swiss bank said

Funds parked by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, fell sharply by 70 per cent in 2023 to a four-year low of 1.04 billion Swiss Francs (Rs 9,771 crore), annual data from Switzerland's central bank showed on Thursday. The decline in aggregate funds of Indian clients with Swiss banks for the second consecutive year, after hitting a 14-year-high of CHF 3.83 billion in 2021, was largely driven by a sharp plunge in funds held through bonds, securities and various other financial instruments. Besides, the amount in customer deposit accounts and funds held through other bank branches in India also declined significantly, the data showed. These are official figures reported by banks to the Swiss National Bank (SNB) and do not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland. These figures also do not include the money that Indians, NRIs or others might have in Swiss banks

Credit Suisse roiled financial markets last year when it collapsed following a string of financial problems

UBS, which acquired its former rival Credit Suisse last year after the bank's collapse, had previously indicated the two units would be combined

'We welcome the Swiss government's steps to further strengthen their Too Big to Fail framework in light of last year's turmoil,' said FSB Secretary General John Schindler

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 .

Swiss brokerage underweight on "expensive" India

The biggest winner in this market from the March demise of Credit Suisse - the leading arranger of Swiss franc bonds for most of the last 20 years

Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, declined by 11 per cent in 2022 to 3.42 billion Swiss francs (nearly Rs 30,000 crore), annual data from Switzerland's central bank showed on Thursday. The decline in aggregate funds of Indian clients with Swiss banks, from a 14-year-high of CHF 3.83 billion in 2021, follows two consecutive years of increase and was largely driven by a sharp plunge of nearly 34 per cent in customer deposit accounts from a seven-year high. These are official figures reported by banks to the SNB and do not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland. These figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third-country entities. The total amount of CHF 3,424 million, described by the SNB as 'total liabilities' of Swiss banks or 'amounts due to' their Indian clients

The oversight committees of both houses voted in favor of installing a parliamentary inquiry commission, or PUK, on the sale of Credit Suisse announced in March

The US advisory firm has recruited managing directors Giuseppe Monarchi, Laurence Hainault and Francesco Gurrieri, the people said

UBS is studying plans to sell the Swiss banking business of Credit Suisse in an initial public offering (IPO) after taking over its smaller rival, the people said, speaking on condition of anonymity