Swiss bank Credit Suisse will buy Ecuador bonds with a nominal value of US$ 1.628 million as part of a broader refinancing operation to channel savings and promote conservation and sustainability efforts in the Andean country. The financial institution had announced last week its intention to pay cash up to US$800 million in bonds issued […]
Tag: Credit Suisse
UBS weighs options for sale of Swiss unit of Credit Suisse
Lender UBS is reviewing options for the Swiss bank Credit Suisseincluding the possibility of keeping the unit’s investment banking operations and selling the rest, two sources close to the matter told Reuters. UBS is studying plans to sell the Swiss banking business of Credit Suisse in an initial public offering (IPO) after taking out its […]
Credit Suisse changes its chief investment officer amid merger with UBS
The Swiss bank Credit Suisse, currently in the process of merging with its rival UBS after being acquired by it, announced Thursday that its current investment director, Michael Strobaek, will leave the position and will be replaced shortly by Burkhard Varnholt. Strobaek, who had held the position for a decade, “has decided to look for […]
Credit Suisse continued to suffer massive outflows of assets in the first quarter
Affected by a serious crisis that led to its sale to UBS, the Swiss bank Credit Suisse today reported asset losses of 61.2 billion francs in the first quarter of 2023, mainly caused by deposit withdrawals, especially on days when the merger was agreed. In its quarterly report, possibly the last issued by the 167-year-old […]
Swiss government ignores parliamentary rejection of aid to Credit Suisse
The Federal Council (Executive) declared today in its weekly meeting that it takes note of the recent rejection of the national Parliament to its public aid to save Credit Suisse, but confirmed that this vote against the Legislative is merely symbolic and will not have practical consequences. “The credits were debated (in the Legislature) under […]
Swiss MPs rebel against state aid to save Credit Suisse
The Chamber of Deputies of the Swiss Parliament today rejected public aid to save Credit Suisse and that the UBS bank agreed to acquire that establishment before its foreseeable collapse, in a vote in which it distanced itself from the position adopted hours before by the Senate, where the measure was approved. The decision must […]
Swiss Parliament convenes extraordinary session to discuss banking crisis
The Parlament Swiss announced the holding of an extraordinary session, between April 11 and 14, to analyze the recent purchase of Credit Suisse by UBS, an operation motivated by the crisis of the former and which has been criticized by some sectors of Swiss politics. The session was approved after being demanded by more than […]
Swiss government forces Credit Suisse to suspend certain bonuses
The Swiss Ministry of Finance reported Tuesday that Credit Suisse it will have to suspend the price of some bonuses (“variable remunerations”) to its collaborators, at a time of absorption of this entity by UBS after its delicate financial situation. The decision concerns remuneration approved for years prior to 2022 but in which payments had […]
UBS buys Credit Suisse for $2 billion to avoid banking crisis
The banking crisis that began with the bankruptcy of the Silicon Valley Bank in the US continues, and this time it reached the Credit Suissethe second largest bank in Swiss and one of the top 30 financial institutions in the world. The last weekend, UBS, Switzerland’s top lender, has agreed to buy out its rival […]
Credit Suisse faces a crucial weekend with its future up in the air
Credit Suisse Group AG is headed for a decisive weekend after some rivals were cautious in their dealings with the troubled Swiss entity and its regulators urged it to seek a deal with UBS AG. Credit Suisse’s chief financial officer, Dixit Joshiand their teams will hold meetings over the weekend to assess strategic scenarios for […]