Page 4 - Credit Suisse

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 AG is 'sole successor' to Credit Suisse's CDS, panel rules

Credit-default swaps tied to the debt of the two banks have been converging in recent months as investors bet on this outcome

Credit Suisse inquiry will keep files secret for 50 years, says report

Possible punishments for breaching that confidentiality ranged from being barred from speaking at the committee to being barred for six months to three years in prison and fines

RBI permits UBS-owned Credit Suisse to keep Indian banking license

Tom Wipf from Morgan Stanley, who will play a key role in the tie-up of the two banks and in facilitating the integration of Credit Suisse and UBS

Switzerland investigates ex-CEO Thomas Gottstein of Credit Suisse

Gottstein is among the Credit Suisse officials under investigation, the Swiss newspaper said

UBS preparing to cut over half of Credit Suisse's workforce after takeover

Bankers, traders and support staff in Credit Suisse's investment bank in London, New York, and in some parts of Asia are expected to bear the brunt of the cuts

Swiss central bank urges review of 'too big to fail' bank safeguards

Switzerland's central bank said the government and regulators should carry out an in-depth review of rules aimed at preventing disastrous bank collapses, saying key guardrails failed to prevent Credit Suisse from needing to be rescued by Swiss competitor UBS. The Swiss National Bank scrutinised several of the safeguards imposed in the wake of the 2008-2009 global financial crisis that were aimed at preventing a repeat. The central bank concluded that several too big to fail rules designed to avoid the collapse of a major global bank were inadequate and may even have delayed action to ward off disaster. Looking forward, the experience with Credit Suisse shows the need for a review of the TBTF framework in order to facilitate early intervention, the central bank said in its annual financial stability report published on Thursday. It is now up to the authorities to carry out an in-depth review and draw lessons, also in view of the higher systemic importance of the combined bank and th

Credit Suisse's Mihir Doshi to head combined UBS India business

Doshi's appointment would signal continuity and assuage concerns among Credit Suisse employees in the country regarding changes that are likely to be made post-takeover, including redundancies

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

Credit Suisse loses three more investment bankers to Banco Santander

The three are among at least 11 investment bankers reported by Bloomberg News this week to have left the storied Swiss lender for other banks with the completion of its merger with UBS Group AG loomin

Credit Suisse puts up China brokerage venture for sale due to takeover: Rpt

Credit Suisse and a joint venture partner are seeking buyers for their China securities brokerage business due to the Swiss bank's takeover by rival UBS

UBS to wrap up Credit Suisse loss agreement of $9.92 bn with govt by June 7

Under the takeover of Credit Suisse, orchestrated by Swiss authorities, Bern agreed to shoulder up to 9 billion francs in losses after UBS agreed to cover the first 5 billion francs in losses

UBS Group expects to complete Credit Suisse takeover as early as June 12

Shareholders of Credit Suisse will receive one UBS share for every 22.8 outstanding shares held. All of Credit Suisse's outstanding debt securities will become obligations of UBS

'CY23 will be a volatile but rewarding year for Indian equity investors'

We expect high single-digit to low double-digit returns for equities in CY23, with preference for mid-caps over large-caps, Jitendra Gohil, director, global investment management at Credit Suisse

Scandal-hit Credit Suisse ordered to pay $926 mn to ex-Georgia PM for fraud

Singapore's International Commercial Court said a unit of Credit Suisse had not acted in good faith and neglected to keep the assets of Bidzina Ivanishvili safe

Credit Suisse owes millions to Georgia's billionaire ex-prime minister

Credit Suisse owes former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars for failing to protect the billionaire's money held in a trust pilfered by a manager, a Singapore court ruled Friday, the latest scandal for the Swiss bank whose yearslong problems forced its takeover by a rival. Ivanishvili in 2004 put more than USD 1.1 billion into a trust overseen by the bank's Singapore subsidiary, Credit Suisse Trust Limited, and the employee managing the trust misappropriated many millions of dollars over nine years before being caught and sent to prison, the Singapore International Commercial Court said. Bidzina, who amassed a fortune in Russia as a businessman before serving as Georgia's prime minister from 2012 to 2013, sued the Swiss bank for about USD 1.2 billion, saying it failed to properly administer the trust and keep its assets safe. The judgment published today is wrong and poses very significant legal issues, Credit Suisse said in a written ...

UBS China suspends funds management project after Credit Suisse deal

UBS is pausing work on its application for a wholly owned mutual fund firm in China in order to finish its acquisition of Credit Suisse and address any regulatory concerns brought on by the union

CCI gives nod to proposed merger of Credit Suisse Group with UBS Group

Fair-trade regulator Competition Commission of India (CCI) on Thursday cleared the proposed merger of Credit Suisse Group AG with UBS Group AG. Both Credit Suisse Group AG (Credit Suisse) and UBS Group AG (UBS) are multinational investment banks and financial services companies founded and based in Switzerland. The transaction entails UBS' proposed acquisition of Credit Suisse by way of an absorption merger with UBS being the surviving legal entity, according to CCI. Post transaction, all Credit Suisse's assets, liabilities, and contracts will be transferred to UBS in their entirety. The proposed transaction has been necessitated due to Credit Suisse's financial difficulties, CCI said. Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the marketplace.

Credit Suisse deal set to face historic parliamentary probe in its collapse

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

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