The decision to terminate the 9 billion franc ($10.3 billion) Loss Protection Agreement came after the Swiss government stress-tested a portfolio of Credit Suisse non-core assets. Shares in UBS rose by 4.35% following the announcement.

In terms of the agreement, UBS was set to receive the first 5 billion francs of losses before the state decided to increase this amount to 9 billion francs.

UBS is expected to provide further details on its integration plans on August 31 at the time of the release of its second-quarter earnings. “There will be many more milestones to come, and we will share some of these with you when we report our second-quarter results,” CEO Sergio Ermotti and Chairman Colm Kelleher stated in an internal memo.

The post UBS Ends $10 Billion Rescue Agreement With Swiss State appeared first on theprimarymarket.com.

Credit Suisse bankers are expected to take on larger roles in the combined company, with others expected to leave, the sources concerned explained. Some UBS bankers are also expected to leave the firm due to the restructuring.

One team lead who is reportedly expected to exit the firm is Jeff Rose, global head of consumer products and retail deals. Jon Levin, Credit Suisse’s head of retail investment banking, is believed to be in line to replace him.

Matt Eilers, UBS’s global head of financial sponsors is also believed to be one of the senior employees potentially departing from the firm. Rob DiGia, UBS’s global head of healthcare, is set to remain with the company and is in talks over a chairman role.

The post UBS Undergoes Restructuring Following Credit Suisse Deal appeared first on theprimarymarket.com.

While EY continues to audit the UBS takeover of Credit Suisse, rival Big Four firm PricewaterhouseCoopers (PwC) will be charged with auditing Credit Suisse’s bank accounts for 2023.

Swiss banking giant UBS came to the decision in March to acquire its local rival in a government-backed purchase worth 3 billion Swiss francs ($3.48 billion). Credit Suisse crashed after a slew of panicked account holders decided to withdraw their savings from their accounts given the bank’s precarious financial situation.

PWC was tasked with compiling Credit Suisse’s 2022 annual report, during which the auditor expressed doubt regarding the effectiveness of the bank’s internal controls over its reporting. Still, PWC maintained that Credit Suisse’s reporting appeared fairly presented for the period of 2020 until 2022.

The post UBS Decides to Retain EY as Auditor Following Credit Suisse appeared first on theprimarymarket.com.

Since UBS acquired Credit Suisse in an emergency government-backed deal in March, Swiss politicians have advised UBS to list Credit Suisse’s domestic branch on the Swiss stock exchange in an effort to preserve jobs and increase competition.

According to the newspaper, Ermotti may still be considering spinning off a combined UBS and Credit Suisse domestic bank, rebranded as UBS Switzerland. This is expected to only be done under the condition that UBS retains a majority stake in the new operation.

By doing so, UBS would be able to not only impose a double shareholding structure but also subdue fears over the newly-combined bank commanding an excessively large market share that endangered competition.

Ermotti previously revealed that UBS is considering all options and that the “base case scenario” is for the bank to retain Credit Suisse’s domestic unit.

The post UBS Expected to Keep Credit Suisse Domestic Unit Private appeared first on theprimarymarket.com.

“This is a very important moment — not just for UBS, (but) for Switzerland as a financial location and for Switzerland as a country,” UBS CEO Sergio Ermotti confirmed. “So we do feel the responsibility, but we are fully motivated.” This takeover was largely seen as an effort to save Switzerland’s reputation as the global financial center while also fending off banking sector instability.

Credit Suisse was plunged into financial danger following an array of controversies, including poor decision-making when choosing hedge funds to back, a failure to prevent money laundering, and accusations of failing to report secret offshore accounts used by wealthy Americans to avoid paying U.S. taxes.

In addition to the company’s assets, UBS is also set to inherit Credit Suisse’s ongoing cases, including a ruling in Singapore that the bank owes former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars after failing to protect his funds from being pilfered by a manager.

The post UBS Completes Credit Suisse Takeover Following State-Assisted Intervention appeared first on theprimarymarket.com.

A notice on the bank’s website stipulated that a change in the release date of the bank’s quarterly results is expected. Publication date may change depending on the timing of the closing of the anticipated acquisition of Credit Suisse,” the notice reads.

The Financial Times reported that UBS executives have decided that a delay in the reporting of Q2 results may be necessary as the bank continues to develop its plan concerning Credit Suisse’s domestic business.

Chief Executive Sergio Ermotti spoke last week of the challenge that the bank faces in determining whether job cuts will be necessary as the takeover deal continues to be formalized.

The post UBS Looks to Delay Quarterly Results Following Credit Suisse Takeover appeared first on theprimarymarket.com.

Outgoing Chief Executive Ralph Hamers, who has led the bank for the last three years, will take the stage alongside Chairman Colm Kelleher. While Sergio Ermotti has been rehired at the bank’s chief executive in an effort to help guide the Credit Suisse takeover, he is not expected to attend Wednesday’s AGM.

The decision to acquire Credit Suisse has not been received well. In addition to UBS shareholders, the population of Switzerland, in general, has not aired support for the government-backed deal, costing 3 billion Swiss francs ($3.3 billion), a survey by political research firm gfs.bern found.

Now, the bank is faced with the mammoth task of integrating Credit Suisse and its assets into UBS’s existing business model.

The post UBS to Address Investors on Wednesday Following Credit Suisse Takeover appeared first on theprimarymarket.com.

“Shareholders should have the right to seek changes to the board when it does not act in their best interest,” Norges stated. In addition to Lehmann, the wealth fund is also going to oppose the appointments of Credit Suisse directors Iris Bohnet, Christian Gellerstad, Shan Li, Seraina Macia, Richard Meddings and Ana Pessoa.

After finding itself in a financial crisis due to its mounting debt, the Swiss government orchestrated a state-supported takeover in an effort to rescue the 166-year-old banking institution and prevent potential disruption to the global banking sector as a result of the bank’s failure. Rival investment bank UBS ended up acquiring Credit Suisse last month for a price of $3.23 billion.

The post Norwegian Wealth Fund Seeks Change In Credit Suisse Board appeared first on theprimarymarket.com.

“Even putting UBS and Credit Suisse together, we won’t be at the top of the classification for international banks in terms of size,” Ermotti stated in an interview with Italian business daily Il Sole 24 Ore.

“We have a good position thanks to our activities, and our greater critical mass at a global level will certainly give us another advantage. The question of excessive size does not arise.”

Going forward, the bank will follow the successful strategy of UBS, Ermotti confirmed. He emphasized the central role that wealth management activity and the containment of risks would take.

Ermotti previously served as the chief executive of UBS from 2011 to 2020. He is also the chairman of the insurance group Swiss Re and is expected to assume the role of UBS CEO on April 5.

The post New UBS CEO Appeases Investors By Playing Down Recent Takeover Concerns appeared first on theprimarymarket.com.

The Bank of England implemented its 11th consecutive interest rate hike on Thursday, following the example of the U.S. Federal Reserve and the Swiss National Bank.

While concerns have emerged over economic stability following the collapse of Silicon Valley Bank and the rescue takeover of the 167-year-old Credit Suisse, the Bank of England reassured investors in a note that the United Kingdom’s banking system remains stable.

“The (Monetary policy committee) will continue to monitor closely any effect on the credit conditions faced by households and businesses, and hence the impact on the macroeconomic and inflation outlook,” the BoE continued.

An array of major banking stocks declined following the latest central bank decisions, with London-headquartered HSBC declining 2.5%, Deutsche Bank falling 2.1%, and Commerzbank losing 3.2%.

Earlier on Thursday, the Swiss National bank raised interest rates by 50 basis points. This came after Credit Suisse was acquired for 260 billion Swiss francs ($280 billion) by UBS in a state-backed takeover.

The post Global Central Banks Continue Rate Hikes Amid Banking Crisis appeared first on theprimarymarket.com.

The decision to terminate the 9 billion franc ($10.3 billion) Loss Protection Agreement came after the Swiss government stress-tested a portfolio of Credit Suisse non-core assets. Shares in UBS rose by 4.35% following the announcement.

In terms of the agreement, UBS was set to receive the first 5 billion francs of losses before the state decided to increase this amount to 9 billion francs.

UBS is expected to provide further details on its integration plans on August 31 at the time of the release of its second-quarter earnings. “There will be many more milestones to come, and we will share some of these with you when we report our second-quarter results,” CEO Sergio Ermotti and Chairman Colm Kelleher stated in an internal memo.

The post UBS Ends $10 Billion Rescue Agreement With Swiss State appeared first on theprimarymarket.com.

Credit Suisse bankers are expected to take on larger roles in the combined company, with others expected to leave, the sources concerned explained. Some UBS bankers are also expected to leave the firm due to the restructuring.

One team lead who is reportedly expected to exit the firm is Jeff Rose, global head of consumer products and retail deals. Jon Levin, Credit Suisse’s head of retail investment banking, is believed to be in line to replace him.

Matt Eilers, UBS’s global head of financial sponsors is also believed to be one of the senior employees potentially departing from the firm. Rob DiGia, UBS’s global head of healthcare, is set to remain with the company and is in talks over a chairman role.

The post UBS Undergoes Restructuring Following Credit Suisse Deal appeared first on theprimarymarket.com.

While EY continues to audit the UBS takeover of Credit Suisse, rival Big Four firm PricewaterhouseCoopers (PwC) will be charged with auditing Credit Suisse’s bank accounts for 2023.

Swiss banking giant UBS came to the decision in March to acquire its local rival in a government-backed purchase worth 3 billion Swiss francs ($3.48 billion). Credit Suisse crashed after a slew of panicked account holders decided to withdraw their savings from their accounts given the bank’s precarious financial situation.

PWC was tasked with compiling Credit Suisse’s 2022 annual report, during which the auditor expressed doubt regarding the effectiveness of the bank’s internal controls over its reporting. Still, PWC maintained that Credit Suisse’s reporting appeared fairly presented for the period of 2020 until 2022.

The post UBS Decides to Retain EY as Auditor Following Credit Suisse appeared first on theprimarymarket.com.

Since UBS acquired Credit Suisse in an emergency government-backed deal in March, Swiss politicians have advised UBS to list Credit Suisse’s domestic branch on the Swiss stock exchange in an effort to preserve jobs and increase competition.

According to the newspaper, Ermotti may still be considering spinning off a combined UBS and Credit Suisse domestic bank, rebranded as UBS Switzerland. This is expected to only be done under the condition that UBS retains a majority stake in the new operation.

By doing so, UBS would be able to not only impose a double shareholding structure but also subdue fears over the newly-combined bank commanding an excessively large market share that endangered competition.

Ermotti previously revealed that UBS is considering all options and that the “base case scenario” is for the bank to retain Credit Suisse’s domestic unit.

The post UBS Expected to Keep Credit Suisse Domestic Unit Private appeared first on theprimarymarket.com.

“This is a very important moment — not just for UBS, (but) for Switzerland as a financial location and for Switzerland as a country,” UBS CEO Sergio Ermotti confirmed. “So we do feel the responsibility, but we are fully motivated.” This takeover was largely seen as an effort to save Switzerland’s reputation as the global financial center while also fending off banking sector instability.

Credit Suisse was plunged into financial danger following an array of controversies, including poor decision-making when choosing hedge funds to back, a failure to prevent money laundering, and accusations of failing to report secret offshore accounts used by wealthy Americans to avoid paying U.S. taxes.

In addition to the company’s assets, UBS is also set to inherit Credit Suisse’s ongoing cases, including a ruling in Singapore that the bank owes former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars after failing to protect his funds from being pilfered by a manager.

The post UBS Completes Credit Suisse Takeover Following State-Assisted Intervention appeared first on theprimarymarket.com.

A notice on the bank’s website stipulated that a change in the release date of the bank’s quarterly results is expected. Publication date may change depending on the timing of the closing of the anticipated acquisition of Credit Suisse,” the notice reads.

The Financial Times reported that UBS executives have decided that a delay in the reporting of Q2 results may be necessary as the bank continues to develop its plan concerning Credit Suisse’s domestic business.

Chief Executive Sergio Ermotti spoke last week of the challenge that the bank faces in determining whether job cuts will be necessary as the takeover deal continues to be formalized.

The post UBS Looks to Delay Quarterly Results Following Credit Suisse Takeover appeared first on theprimarymarket.com.

Outgoing Chief Executive Ralph Hamers, who has led the bank for the last three years, will take the stage alongside Chairman Colm Kelleher. While Sergio Ermotti has been rehired at the bank’s chief executive in an effort to help guide the Credit Suisse takeover, he is not expected to attend Wednesday’s AGM.

The decision to acquire Credit Suisse has not been received well. In addition to UBS shareholders, the population of Switzerland, in general, has not aired support for the government-backed deal, costing 3 billion Swiss francs ($3.3 billion), a survey by political research firm gfs.bern found.

Now, the bank is faced with the mammoth task of integrating Credit Suisse and its assets into UBS’s existing business model.

The post UBS to Address Investors on Wednesday Following Credit Suisse Takeover appeared first on theprimarymarket.com.

“Shareholders should have the right to seek changes to the board when it does not act in their best interest,” Norges stated. In addition to Lehmann, the wealth fund is also going to oppose the appointments of Credit Suisse directors Iris Bohnet, Christian Gellerstad, Shan Li, Seraina Macia, Richard Meddings and Ana Pessoa.

After finding itself in a financial crisis due to its mounting debt, the Swiss government orchestrated a state-supported takeover in an effort to rescue the 166-year-old banking institution and prevent potential disruption to the global banking sector as a result of the bank’s failure. Rival investment bank UBS ended up acquiring Credit Suisse last month for a price of $3.23 billion.

The post Norwegian Wealth Fund Seeks Change In Credit Suisse Board appeared first on theprimarymarket.com.

“Even putting UBS and Credit Suisse together, we won’t be at the top of the classification for international banks in terms of size,” Ermotti stated in an interview with Italian business daily Il Sole 24 Ore.

“We have a good position thanks to our activities, and our greater critical mass at a global level will certainly give us another advantage. The question of excessive size does not arise.”

Going forward, the bank will follow the successful strategy of UBS, Ermotti confirmed. He emphasized the central role that wealth management activity and the containment of risks would take.

Ermotti previously served as the chief executive of UBS from 2011 to 2020. He is also the chairman of the insurance group Swiss Re and is expected to assume the role of UBS CEO on April 5.

The post New UBS CEO Appeases Investors By Playing Down Recent Takeover Concerns appeared first on theprimarymarket.com.

The Bank of England implemented its 11th consecutive interest rate hike on Thursday, following the example of the U.S. Federal Reserve and the Swiss National Bank.

While concerns have emerged over economic stability following the collapse of Silicon Valley Bank and the rescue takeover of the 167-year-old Credit Suisse, the Bank of England reassured investors in a note that the United Kingdom’s banking system remains stable.

“The (Monetary policy committee) will continue to monitor closely any effect on the credit conditions faced by households and businesses, and hence the impact on the macroeconomic and inflation outlook,” the BoE continued.

An array of major banking stocks declined following the latest central bank decisions, with London-headquartered HSBC declining 2.5%, Deutsche Bank falling 2.1%, and Commerzbank losing 3.2%.

Earlier on Thursday, the Swiss National bank raised interest rates by 50 basis points. This came after Credit Suisse was acquired for 260 billion Swiss francs ($280 billion) by UBS in a state-backed takeover.

The post Global Central Banks Continue Rate Hikes Amid Banking Crisis appeared first on theprimarymarket.com.