The EU struck a deal on Tuesday to implement internationally-agreed banking reforms intended to avert a repeat of the 2008 financial crisis. The European Commission first proposed the banking law in October 2021 but there has been a greater focus on banks following the collapse of lenders in the United States triggered market turbulence earlier … Read more
UBS is poised to complete on Monday its takeover of Credit Suisse, but integrating the former rival is a Herculean task that clients, employees and Swiss political leaders will closely watch. The coming months are likely to be “bumpy”, warned UBS chief Sergio Ermotti on Friday, adding the integration will come with “waves” of difficult … Read more
UBS is considering delaying its quarterly results at least until the end of August, as the Swiss banking giant deals with complexities over its takeover of Credit Suisse, the Financial Times reported on Sunday. The bank is scheduled to report its April-June results on July 25. UBS did not immediately respond to a request for … Read more
UBS Group AG was rushed into buying cross-town rival Credit Suisse Group AG in a deal it did not want, as a global bank crisis worsened the latter’s finances and prompted authorities to take swift action, a regulatory filing showed. UBS, in a Tuesday filing to the U.S. Securities and Exchange Commission, told investors it … Read more
Switzerland’s Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse by UBS Group, the office of the attorney general said on Sunday. The prosecutor, based in the Swiss capital Bern, is looking into potential breaches of the country’s criminal law by government officials, regulators and executives at the two banks, which … Read more
Incoming UBS Chief Executive Sergio Ermotti has sought to ease worries about the size of the new bank being created by its takeover of Credit Suisse. Critics have voiced concern about the forced deal, designed to help secure financial stability globally during a period of turmoil, which will create a new Swiss bank with $1.6 … Read more
LONDON, – BlackRock said on Saturday it had no plans or interest to acquire embattled Swiss lender Credit Suisse, a spokesperson for the U.S. asset manager said. “BlackRock is not participating in any plans to acquire all or any part of Credit Suisse, and has no interest in doing so,” the spokesperson told Reuters. The … Read more
Longtime troubles at Credit Suisse came to a head this week with a record stock plunge that spread fears of a banking crisis jumping from the US to Europe. But the problems have been building for years at Switzerland’s second-largest bank, ranging from bad bets on hedge funds to a spying scandal involving rival lender … Read more
UBS has no interest in buying fellow Swiss lender Credit Suisse, the bank’s Chairman Colm Kelleher said in a interview published on Saturday. The former Morgan Stanley president said he was focused on organic growth rather than acquisitions and expanding its business in the United States as he ruled out any move to buy his … Read more
A global economic slowdown and its impact on exports from India could lead to a reassessment of growth for this financial year (FY23) by Reserve Bank of India (RBI). A three-day meeting of the central bank’s monetary policy committee is scheduled for December 5-7. Besides its rate move, the meeting will be closely watched for … Read more