BERLIN—UBS said Monday that it has completed its takeover of embattled rival Credit Suisse, nearly three months after the Swiss government hastily arranged a rescue deal to combine the country’s two largest banks in a bid to safeguard Switzerland’s reputation as a global financial center and choke off market turmoil. A statement from the bank…
UBS Completes Takeover of Credit Suisse in Deal Meant to Stem Global Financial Turmoil
June 12, 2023
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UBS Says Its Rescue of Credit Suisse Was a Rushed Deal With Unclear Risks
Switzerland’s biggest bank UBS said that it was unable to carry out a comprehensive assessment of the assets and liabilities of Credit Suisse as it was pushed by regulators to take over its beleaguered rival in a rushed rescue to stem financial contagion and prevent a systemic meltdown. UBS said in May 16 regulatory filings with…
Ottawa Grants Itself Extraordinary Powers to Prepare for ‘Potential’ Bank Runs
April 29, 2023
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Bank scares in the United States and Switzerland have prompted the federal government to grant itself extraordinary powers to stem any financial panic in Canada, a parliamentary committee heard on April 27. Testifying before the Standing Committee on Finance, Rachel Grasham, a senior director with the federal finance department said those powers will be used…
Credit Suisse Lost $68 Billion in Assets Last Quarter, Outflows Continue
ZURICH—Credit Suisse said on Monday that 61 billion Swiss francs ($68 billion) in assets left the bank in the first quarter and that outflows were continuing, underscoring the challenge faced by UBS Group in rescuing its rival. Customer deposits declined by 67 billion francs in the quarter and the bank noted many matured time deposits…
Credit Suisse Failed to Investigate Its Past Ties With Nazis, Says Senate Committee
Swiss investment bank Credit Suisse failed to review “all relevant records” of potential Nazi accounts while also firing an outside lawyer who was overseeing an internal probe of the issue, according to an investigation conducted by the U.S. Senate Committee on the Budget. In March 2020, the Simon Wiesenthal Center (SWC), a Jewish human rights…
Credit Suisse Failed to Investigate Its Past Ties With Nazis: Senate Panel
Swiss investment bank Credit Suisse failed to review “all relevant records” of potential Nazi accounts while also firing an outside lawyer who was overseeing an internal probe of the issue, according to an investigation conducted by the U.S. Senate Committee on the Budget. In March 2020, the Simon Wiesenthal Center (SWC), a Jewish human rights…
Credit Suisse Rescue Package Rejected by Swiss Parliament
April 13, 2023
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BERN—Switzerland’s parliament rejected on Wednesday the government’s 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse’s merger with UBS, leaving the fallen bank’s hastily arranged rescue without a largely symbolic parliamentary blessing. While the upper house had approved the government’s contribution to the rescue package, parliament’s lower, and larger chamber, pushed back again on…
Swiss Prosecutors Probe Credit Suisse Ahead of UBS Takeover
April 3, 2023
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GENEVA—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, $3.25 billion agreement that was aimed in part to help calm worries about the global financial system…
Chinese Media Claim Hong Kong is a Safe Place to Invest Amid Global Banking Crisis, Expert Disagrees
News Analysis Amid low investor confidence due to recent bank failures in the United States and Switzerland, Chinese state-owned media reported that many wealthy American and Swiss investors closed their onshore accounts and rushed to move their funds to Hong Kong. Financial analysts suggest that Hong Kong remains “an unsafe place” for asset holding and…
Analysts: Deutsche Bank Is Not the Next Credit Suisse
March 30, 2023
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After the collapse of Switzerland’s second-largest bank, Credit Suisse, investors looking for the next bank failure fixed their eyes on Deutsche Bank, Germany’s largest bank. The tell-tale signs of blood in the water appear in a bank’s share price and the cost of its credit-default swaps (CDS). Equity investors last week sold off Deutsche Bank…
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