Swiss Bank

Swiss prosecutors probe Credit Suisse ahead of its takeover by UBS

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, USD 3.25 billion agreement that was aimed in part to help calm worries about the global financial system and will leave the country with a single huge global bank. The attorney general's office said Monday that it wanted to proactively fulfil its remit and its responsibility to contribute to a clean Swiss financial sector. It said that it has set up monitoring that would enable it to get involved immediately if any offences were committed that come under its auspices. The office said the probe falls short of a formal investigation and is not a criminal inquiry. The office was responding to an emailed request Monday for comment after the Financial Times reported about the probe over the weekend. The statement made no reference to ...

To calm turmoil, UBS to buy Credit Suisse in $3.25 billion rescue deal

Banking giant UBS is buying troubled rival Credit Suisse for almost USD 3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and the bank's customers. Shares of Credit Suisse and other banks plunged this week after the failure of two banks in the US sparked concerns about other potentially shaky institutions in the global financial system. Credit Suisse is among the 30 financial institutions known as globally systemically important banks, and authorities worried about the fallout if it were to fail. The deal was one of great breadth for the stability of international finance," said Swiss President Alain Berset as he announced it Sunday night. "An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the

Credit Suisse tells staff bonuses will still be paid amid UBS takeover

There will be no changes to payroll arrangements and bonuses will still be paid on March 24, Credit Suisse said in an internal memo to staff

Credit Suisse's $17 bn of risky bonds are now worthless after UBS takeover

The bond wipe out is the biggest loss yet for Europe's $275 billion AT1 market, far eclipsing the only other write-down to date of this type of security

Here's how scandal and mistrust ended Credit Suisse's 166-year history

After tense talks over the weekend, UBS Group AG agreed to buy Credit Suisse in an all-share deal for about $3.25 billion, less than the market value of troubled US lender First Republic Bank

The one big winner and many losers of UBS's Credit Suisse rescue deal

After a weekend of frantic talks to forge a solution before markets opened in Asia, the firm struck a deal to buy its smaller rival for about $3.3 billion in an share deal

Euro, Swiss franc recover as market mood improves, traders await ECB meet

But the news of the Swiss National Bank's support for Credit Suisse did calm the mood somewhat

Swiss central bank throws lifeline to Credit Suisse after shares pummelled

Swiss regulator FINMA and the nation's central bank sought to ease investor fears around Credit Suisse, saying it "meets the capital and liquidity requirements imposed on systemically important banks"

Credit Suisse explodes into full-blown crisis as stocks, bonds crater

The stock fell as much as 31%, hitting record lows, and prices on its benchmark bonds sank to levels that indicate the Swiss lender is in deep financial stress

HCLTech signs multi-year contract with Swiss MRO firm SR Technics

HCLTech's role is to digitally transform the Swiss company's business, will implement a new greenfield SAP S/4HANA environment hosted on Microsoft Azure using RISE with SAP

Investors shed $7 billion off Credit Suisse Saudi backer over stake deal

Investors have wiped about $7 billion off Saudi National Bank's market value amid growing concern over the lender's plans to purchase a stake in Credit Suisse Group AG

Credit Suisse hires 20 banks for $4 bn capital increase to restructure

Credit Suisse Group AG hired about 20 banks to help with a $4 billion capital increase that will help fund the extensive restructuring unveiled last week

How big a threat is Credit Suisse to India and the world?

The fall in the stock of Credit Suisse signals that there is something seriously wrong with the bank. Just like Lehman Brothers in 2008, the financial cost of its collapse would be huge. Here's more

HSBC Holdings hires Credit Suisse's Chua for top M&A business in Asia

Credit Suisse Group AG's Christopher Chua is leaving the bank to help oversee the Asia mergers and acquisitions business at HSBC Holdings Plc

Indians' funds in Swiss banks rise to 14-yr high on surge in instl holdings

The rise in aggregate funds of Indian clients with Swiss banks marks the second consecutive year of increase

Credit Suisse likely to shake up its senior management team: Report

The bank said last week it expected to report a first-quarter loss after increasing legal provisions, seeing business activity slow and taking a hit from the fallout of Russia's invasion

'Billions of dollars stashed by Pak Generals, officials in Swiss bank'

A leak of data from a leading Swiss bank has revealed information about 600 accounts linked to 1400 Pakistani citizens, media reports said on Sunday.Account-holders include several key politicians and generals, including the ex-ISI chief, General Akhtar Abdur Rahman Khan, according to data leaked from Credit Suisse, an investment banking firm registered in Switzerland.A report published in The New York Times said Khan helped funnel billions of dollars in cash and other aid from the United States and other countries to the mujahedeen in Afghanistan to support their fight against the Soviet Union.The Saudi Arabian and US funding for mujahideen fighters battling Russia's presence in Afghanistan went to the American Central Intelligence Agency's (CIA) Swiss bank account, the Dawn newspaper reported, citing an Organized Crime and Corruption Reporting Project (OCCRP) report."The end recipient in the process was Pakistan's Inter-Services Intelligence group (ISI), [at the time] led by ...

Swiss gold exports to India surged to five-month high in August

Swiss exports of gold to India jumped to a five-month high in August while shipments to China fell, Swiss customs data showed on Tuesday.

Under watchdog scrutiny, Credit Suisse caps assets and leverage

Credit Suisse will keep limits on its risk-weighted assets (RWA) and leverage while it remains under regulatory scrutiny over risk-management failures that cost it billions, says Swiss bank

Nomura, Credit Suisse warn of big losses after Archegos share dump

The Swiss bank said that a fund had "defaulted on margin calls" to it and other banks, meaning they were now in the process of exiting these positions