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Swiss stock exchange declines as banking and cyclical stocks face pressure
The Swiss stock exchange experienced a downward trend, with the SMI index closing at 8056.71 points, down 0.35%. Banking stocks faced pressure due to uncertainties surrounding Brexit and low interest rates, while defensive heavyweights like Novartis and Nestlé showed slight gains. In the broader market, Sulzer surged 11.47% following its acquisition of Geka, while EFG International struggled, dropping 6.30%.
Swiss stock exchange declines as banking stocks face renewed pressure
The Swiss stock exchange turned negative, with the SMI down 0.30% to 8060.69 points and the SPI losing 0.37% to 8704.05 points amid low trading volumes. Banking stocks faced pressure, particularly UBS (-1.86%) and Credit Suisse (-1.52%), due to uncertainties around Brexit and low interest rates. Defensive stocks like Novartis (+0.44%) showed resilience, while Sulzer surged 10.59% following its acquisition of Geka.
efg international acquires bsi for 1.33 billion francs expanding private banking presence
EFG International has acquired BSI for 1.33 billion francs, with a cash payment of 975 million francs to BTG Pactual and the issuance of 52.6 million shares. The merger will create Switzerland's fifth largest private bank, managing approximately 170 billion francs in assets, while retaining both brands initially. The transaction is expected to finalize in the fourth quarter, pending shareholder and regulatory approval.
1MDB case sees annulment of prosecution decree against BSI bank
The Federal Criminal Court has annulled an indictment against BSI Bank issued by the Federal Prosecutor's Office related to the 1MDB scandal. This decision marks a significant development in the ongoing legal proceedings surrounding the case.
prosecution decree against bsi annulled in 1mdb money laundering case
The MPC has annulled the prosecution decree against BSI, which was fined 4.5 million francs for inadequate anti-money laundering measures. The ruling lacked clarity on specific money laundering activities and omitted details about confiscated funds, including 70 million francs seized by FINMA in 2020 as a profit-reduction sanction.
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