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Institutional adoption of crypto technology is advancing, with Deutsche Börse set to offer crypto custody for 2,500 banks, allowing them to hold Bitcoin and Ether alongside traditional securities. Meanwhile, UBS and ZKB are enhancing fund transactions using blockchain, despite limited public support for the upcoming digital euro, as citizens prefer existing payment methods.
Marc Jean-Richard has accused a Zurich entrepreneur, his father, and an assistant of defrauding UBS out of millions, demanding prison time for the main defendant. The case, rooted in the 1990s, involves allegations of falsified accounts and misappropriation of funds, leading to bankruptcy and significant debts owed to UBS and other creditors. The trial will unfold over two days, with the presumption of innocence applying to all defendants.
Helaba Landesbank Hessen-Thüringen has entered into a long-term green lease agreement with Commerzbank AG for a significant property. The transaction was advised by McDermott Will & Emery, highlighting a commitment to sustainable real estate practices.
Commerzbank AG's stock has surpassed its 200-day moving average, trading at €20.56 with a market cap of $24.84 billion. Analysts currently rate the stock as a Hold, suggesting that there are five other stocks considered better investment opportunities. The company provides a range of banking services across various regions.
Sascha Uebel, Chairman of Commerzbank's Works Council, has launched a campaign against Unicredit's takeover efforts, vowing to complicate the process for CEO Andrea Orcel. While acknowledging the potential inevitability of the takeover, Uebel aims to secure better outcomes for employees and locations during negotiations. Unicredit has submitted its plan to acquire up to 29.99% of Commerzbank to the German Federal Cartel Office for review, with approval from the European Central Bank expected soon.
The European Central Bank is expected to approve UniCredit's acquisition of a 29.9% stake in Commerzbank, potentially leading to Europe's largest cross-border banking deal since the financial crisis. The ECB's analysis has reportedly been positive, but UniCredit's CEO Andrea Orcel seeks German government support for a full takeover, which Commerzbank's management has labeled "hostile."
The European Central Bank is expected to approve Unicredit's acquisition of a 29.99% stake in Commerzbank by early March, paving the way for a significant cross-border banking merger. However, the real challenge lies in navigating the hostile political landscape in Germany, where key figures have expressed strong opposition to the takeover. Unicredit's CEO Andrea Orcel is awaiting the formation of the new German government to seek support for the operation.
The European Central Bank is set to approve UniCredit's plan to increase its stake in Commerzbank to 29.9%, despite initial backlash from the German government. Meanwhile, Switzerland may delay new capital rules for UBS until 2028, shifting decision-making to parliament. In the US, Wells Fargo has rolled back its diversity hiring policy amid political pressure, joining other banks like Citigroup and Bank of America in scaling back DEI initiatives. The UK's Serious Fraud Office has abandoned plans to relocate to Canary Wharf, opting to enhance its operational systems instead.
Oliver Deutschmann has joined Liquidnet as head of equity derivatives EMEA and head of listed derivatives for Continental Europe after 15 years at Credit Suisse. He expressed gratitude for the support he received during his tenure, highlighting the importance of the people at Credit Suisse. Deutschmann has held various trading roles, including positions at UBS, Commerzbank, and Commerz Futures in Chicago.
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