Martin Schlegel made his first public appearance as the new Chairman of the Swiss National Bank (SNB) in Ticino, where he discussed the global economic outlook. He highlighted high geopolitical risks and projected moderate economic growth, with GDP expected to rise by 1% this year, below the long-term average. Schlegel's visit was met with pride by local officials, including Christian Vitta, head of the Ticino Department of Finance and Economy.
UBS suggests the U.S. economy is on the verge of a "Roaring ’20s" revival, with a 50% chance of a booming economic cycle. Key indicators include sustained GDP growth of 2.5% or higher, inflation between 2-3%, and favorable monetary policy conditions. Recent surveys show economists are increasingly optimistic about avoiding a recession in the coming years.
The Federal Criminal Court is hearing an appeal involving UBS, which has taken over Credit Suisse following its merger. The case stems from a 2022 ruling that found a former CS employee guilty of laundering drug money, but UBS argues it cannot be convicted without a living accused. The court's decision on UBS's request to suspend proceedings is pending.
Zurich Cantonal Bank (ZKB) CEO Urs Baumann asserts that the Swiss financial center maintains sufficient competition following the Credit Suisse bankruptcy. He emphasizes that while only UBS and ZKB can meet the needs of large corporate clients, numerous international banks are emerging in the market. Baumann also highlights the capabilities of cantonal banks in corporate finance, advocating against significant increases in capital requirements for systemically important banks.
UBS has taken over Credit Suisse's role in the appeal against a CHF 2 million judgment related to the "Bulgarian Connection" money laundering trial, which began at the Federal Criminal Court in Bellinzona. The proceedings were marked by UBS's preliminary requests to suspend and close the case. Credit Suisse had previously appealed the initial ruling in late 2023, alongside two other defendants and the Swiss Federal Prosecutor's Office.
VPBank has partnered with LOTTE C&F Vietnam to enhance customer experience through co-branded cards and "Buy Now Pay Later" products. This collaboration aims to integrate financial solutions into LOTTE's technology platform, expanding VPBank's reach within the FDI customer segment and promoting sustainable growth in Vietnam's market.
An appeal trial regarding money laundering linked to the Bulgarian mafia commenced at the Federal Criminal Court in Bellinzona, with UBS now facing charges after the conviction of Credit Suisse. The court previously ordered Credit Suisse to pay a fine of 2 million francs and 19 million in compensation for aiding Evelin Banev's criminal network. UBS has sought to suspend the appeal process, arguing that the demise of Credit Suisse should absolve it of responsibility, a claim rejected by the Court of Appeals.
UBS is currently on trial for aggravated money laundering at the Swiss Federal Criminal Court, following its takeover of Credit Suisse. This marks a rare public trial for a major Swiss bank, with UBS facing a potential fine of up to CHF 5 million and compensatory claims totaling CHF 41 million linked to illicit gains from the Bulgarian mafia. The court rejected UBS's attempt to dismiss the proceedings, emphasizing that the merger did not extinguish Credit Suisse's legal liabilities.
Martin Schlegel, the newly appointed president of the Swiss National Bank, highlighted the high geopolitical risks during his first public appearance in Ticino. He anticipates subdued economic growth, projecting a GDP increase of only 1 percent for the year, which is below the long-term average. The visit has brought great pride to the canton, as noted by Christian Vitta, head of the Ticino Department of Finance and Economy.
BancaStato has announced a change in its Board of Directors, with Marialuisa Parodi Aostalli and Marco Passalia taking over from Raoul Paglia and Giovanni Jelmini, whose terms have expired. This transition reflects the bank's ongoing governance updates.
