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ubs group reports 2024 financial results following credit suisse merger impact
UBS Group AG reported a net profit of USD 2,994 million for 2024, a significant decline from USD 6,660 million the previous year, largely due to the write-off of additional tier 1 instruments from Credit Suisse. The merger with Credit Suisse, finalized on May 31, 2024, notably impacted UBS's financial performance, with total assets slightly decreasing and equity attributable to shareholders falling to USD 64,478 million. This challenging year has implications for UBS's stakeholders and market positioning.
vp bank appoints new co-heads for singapore branch leadership team
VP Bank has appointed Thomas Rupf and Reto Marx as co-heads of its Singapore branch, with Rupf also serving as Chief Investment Officer for Asia and Marx as Chief Risk Officer. Both leaders will drive the strategic direction and growth of the branch, focusing on enhancing services for intermediaries and private banking clients in the region. Their extensive experience in wealth management positions them to capitalize on the growth potential in Asia, particularly in Singapore.
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