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ex-credit suisse bankers banned for roles in mozambique tuna bond scandal

Two former Credit Suisse bankers, Andrew Pearse and Surjan Singh, have been banned in the UK for their involvement in a US$2 billion bond fraud in Mozambique, which included bribery and money laundering. Pearse faces a potential 151-month prison sentence in the US, while Singh accepted unlawful payments. The scandal involved corrupt loans for dubious maritime projects, leading to significant financial penalties for Credit Suisse and a ruling that Mozambique was defrauded.

ubs poised for growth amid regulatory challenges and market potential

UBS aims for a CET1 return of around 15% by 2027, despite market skepticism over potential capital requirements from Finma. The bank has significant improvement potential in U.S. wealth management, where it lags behind competitors like Morgan Stanley, and seeks a full license to expand its offerings. UBS's current market value-to-equity ratio is just over one, indicating substantial valuation potential compared to U.S. mega-banks, which trade at twice their equity.

ubs redeems credit suisse bond early ahead of schedule

UBS will redeem EUR 1.5 billion in floating rate senior callable notes issued by Credit Suisse ahead of schedule on January 16, 2025, instead of the original maturity date in January 2026. The bonds, with a 4.206% annual coupon, were last traded at 100.09% and had previously dropped below 65% during the CS crisis in March 2022. This follows UBS's earlier redemption of two other CS bonds totaling $2 billion and £750 million in September.

UBS to Redeem Credit Suisse Bond Early for 1.5 Billion Euros

UBS will redeem EUR 1.5 billion in floating rate senior callable notes issued by Credit Suisse early, on January 16, 2025, instead of the original maturity date in January 2026. This bond, with a 4.206% annual coupon, was last traded at 100.09% and had previously dropped below 65% during the CS crisis in March 2022. This marks UBS's second early repayment of Credit Suisse bonds, following the redemption of two bonds totaling $2 billion and £750 million in September.

Baloise Board Expansion Includes Former Credit Suisse Executive and New Shareholder Representative

Baloise will expand its Board of Directors next year, increasing the number from nine to ten members. Christoph Gloor and Hans-Jörg Schmidt-Trenz will not seek re-election, with André Helfenstein and Vincent Vandendael proposed as replacements. Cevian, the largest shareholder, will be represented by Robert Schuchna, as the company aims to enhance its expertise in insurance and finance through a new "refocusing" strategy.
08:12 09.12.2024

Baloise Board of Directors to Welcome New Members and Major Shareholder Representative

Baloise will expand its Board of Directors from nine to ten members, with André Helfenstein and Vincent Vandendael replacing Christoph Gloor and Hans-Jörg Schmidt-Trenz, who are not seeking re-election. Robert Schuchna will represent major shareholder Cevian, which holds nearly 10% of the company. This restructuring aims to enhance the company's insurance and financial expertise as part of a refocusing strategy to develop new services and strengthen its core business in European markets.

Baloise Board of Directors to Expand with New Appointments and Strategy

Baloise will expand its Board of Directors next year, increasing the number of members from nine to ten. Christoph Gloor and Hans-Jörg Schmidt-Trenz will not seek re-election at the General Assembly on April 25, 2025, with André Helfenstein and Vincent Vandendael proposed as their replacements. Additionally, Robert Schuchna from major shareholder Cevian will join the board, reflecting the company's strategy to enhance its expertise in insurance and finance.

Baloise Board of Directors Expands with New Members and Major Shareholder Representative

Baloise will expand its Board of Directors from nine to ten members, with André Helfenstein and Vincent Vandendael replacing Christoph Gloor and Hans-Jörg Schmidt-Trenz, who are not seeking re-election. Robert Schuchna will represent major shareholder Cevian, which holds nearly 10% of the company. This restructuring aims to enhance the company's insurance and financial expertise as part of a refocusing strategy to develop new services and strengthen its core business in European markets.
08:12 09.12.2024

crédit agricole upgraded to category 2 in systemic banks list

Crédit Agricole has been upgraded to category 2 on the Financial Stability Board's list of systemically important banks, requiring it to hold more capital to withstand financial shocks. The list, which includes 29 banks, saw Bank of America drop to category 2, while UBS was moved up to category 2 following its acquisition of Credit Suisse. The highest capital requirements are for JP Morgan Chase, classified in category 4.
14:47 26.11.2024

beijing state-owned assets management to divest stake in ubs securities

Beijing State-Owned Assets Management plans to sell its entire 33 percent stake in UBS Securities for at least CNY1.5 billion (USD212.2 million). UBS, which increased its ownership to 67 percent in 2022, is in the process of acquiring full control. Additionally, BSAM recently became the largest shareholder in Credit Suisse Securities China after acquiring a significant stake, pending regulatory approval.
05:17 26.11.2024
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