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Bank of America has doubled its banking team in Switzerland, capitalizing on opportunities following the collapse of Credit Suisse. The Swiss government is implementing stricter banking regulations, particularly for UBS, which may impact the competitive landscape. Other foreign banks are also increasing their presence to attract smaller Swiss companies.
Citi Private Bank has strengthened its family office team in Asia by appointing Hoo Peng Han as a director, focusing on deal origination and syndication. With a decade of investment banking experience, Hoo will work from Singapore, alongside new vice-president Alice Chiu in Hong Kong, as the bank aims to enhance its offerings to ultra-wealthy clients amid rising competition in the region's family office sector.
Citi Private Bank has appointed Hoo Peng Han as a director in its global family office group in Asia, focusing on deal origination and syndication in the southern region. Based in Singapore, he brings a decade of investment banking experience and previously held roles at Credit Suisse and UBS. Hoo will collaborate with fellow director Stephan Lanz and will be joined by vice president Alice Chiu later this month.
UBS has discontinued several services previously offered to former Credit Suisse clients. Notably, the free coin deposit feature via ATMs is no longer available; customers must now deposit coins in special bags at branches for a fee of at least 15 francs. Additionally, the 'Cardless Cash' service, which allowed users to withdraw cash using QR codes, has also been eliminated.
Postfinance aims to lift its credit ban to address the lending gap for internationally active SMEs left by the collapse of Credit Suisse. The new CEO, Beat Röthlisberger, advocates for Postfinance's role in corporate financing, emphasizing the need for a systemically important Swiss bank to support medium-sized companies. However, achieving this requires amending the Postal Organization Act and enhancing risk management capabilities.
Clientis Sparkasse Oftringen achieved its best annual result in history for 2024, reporting a profit of CHF 975,000, an 8.7% increase from the previous year. The bank's success was bolstered by market shifts following the end of Credit Suisse and a rise in loans, although customer deposits grew only modestly. Following the unexpected death of Chairman Urs Suter, Sandra Lüscher will be proposed as the new Chairwoman at the upcoming Annual General Meeting, alongside three new Board members.
UBS anticipates greater clarity regarding the capital requirements under new Swiss banking regulations, as stated by CEO Sergio Ermotti. In response to the 2023 collapse of Credit Suisse, which UBS acquired, Switzerland is implementing stricter banking rules aimed at ensuring UBS holds more capital to avert future crises.
Ueli Maurer reflects on the downfall of Credit Suisse, emphasizing that the bank resisted state intervention despite severe liquidity issues. He critiques the limitations of FINMA and the Swiss National Bank, noting that a lack of legal frameworks hindered timely action, ultimately leading to a loss of trust in CS. Maurer argues that the state should not rescue mismanaged companies, highlighting the need for better oversight and intervention mechanisms in the banking sector.
PWC is assisting Swiss Radio and Television (SRF) with cost-cutting measures, which include the reduction of 50 full-time positions. Meanwhile, tensions rise between UBS and Finance Minister Karin Keller-Sutter over capital adequacy requirements, as UBS plans a share buyback despite falling equity. Additionally, the head of the Swiss-American Chamber of Commerce advocates for Switzerland to withdraw from the OECD minimum tax to foster tax dialogue with the USA.
UBS's takeover of Credit Suisse has led to the controversial cancellation of 16 billion Swiss francs in AT1 bonds, sparking outrage among foreign investors. The decision, made by Finma to stabilize the bank, has raised questions about the hierarchy of losses in bank failures, as bondholders lost everything while shareholders received compensation. This crisis has tarnished Switzerland's reputation as a stable financial center, with concerns over regulatory transparency and the long-term security of investments in the country.
Credit Suisse High Yield Bond Fund, Inc.
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