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German second-line stocks lead with a 9.73% performance, followed by cyclicals in Austria at 9.04%. In the banking sector, Societe Generale outperforms with a 15.52% increase, while UBS and Sberbank struggle, showing declines of 5.94% and 67.53%, respectively. The average performance of BSN-Group banks stands at 7.3%.
Ueli Maurer, a veteran Swiss politician, reflects on the collapse of Credit Suisse following significant financial turmoil in late 2022. As former Finance Minister, he faces questions about his attention to the bank's decline and whether bold actions could have prevented its downfall. The discussion also touches on the future of Switzerland's financial sector.
UBS has retained two-thirds of the assets previously invested in Credit Suisse funds following its acquisition of the bank, maintaining a 35.4% market share in Switzerland. While UBS's market share is slightly below the combined total of both banks before the collapse, it has solidified its leading position, with Swisscanto, BlackRock, and Pictet gaining from the remaining assets.
Luzerner Kantonalbank (LUKB) has issued a 150 million franc additional tier 1 (AT1) bond, marking the first such issuance in the Swiss market since the turmoil following the Credit Suisse case. This move aims to strengthen LUKB's capital base, with the bond rated BBB- by Standard & Poor's and an interest rate of 3% until its first call date in 2030.
Asian investors, including over 500 from Singapore, Japan, and Hong Kong, have launched the largest lawsuit against Switzerland under an investment protection agreement, seeking more than CHF 226 million in damages after the cancellation of Credit Suisse's AT1 bonds during UBS's emergency takeover. They argue that Switzerland breached its obligations by declaring these bonds worthless, prompting arbitration proceedings. The law firm Drew & Napier is encouraging other affected investors to join the claim, with negotiations set to begin within six months.
More than 500 investors from Singapore, Japan, and Hong Kong have initiated legal proceedings against Switzerland, claiming around US$250 million after their Credit Suisse AT1 bonds were cancelled during UBS's emergency takeover. They allege that Switzerland violated investment treaty obligations by unilaterally writing down the bonds' value to zero, prompting a wave of complaints. The investors are now in the negotiation phase, seeking to resolve the dispute amicably before potentially moving to arbitration.
Stefan Walter, the new director of Finma, criticized the reliance on external auditors, suggesting that Switzerland amend its banking law to allow for more direct inspections by the supervisory authority. He highlighted the inherent conflicts of interest in the current dualistic system and called for the deletion of Article 23 of the Banking Act. Despite his concerns, past inquiries found no legal breaches by auditors, raising questions about the necessity of increasing Finma's staffing for audit functions.
More than 500 investors from Singapore, Japan, and Hong Kong are suing Switzerland over losses from cancelled AT1 bonds following UBS's takeover of Credit Suisse. They claim around $250 million, alleging Switzerland breached investment treaty obligations by unilaterally writing down the bonds to zero. The investors have initiated the first step towards arbitration by submitting trigger letters under various bilateral investment treaties.
The historic Credit Suisse branch in Aarau, built in 1912, is set to be rented out following UBS's takeover of Credit Suisse, which is reshaping the Swiss banking landscape. The building, located at Bahnhofstrasse 49, will be available for office and practice space, with potential for pop-up uses. Despite the branch's closure, its well-maintained interior and prime location are expected to attract new tenants quickly.
Over 500 Asian investors, including those from Singapore, Japan, and Hong Kong, are suing Switzerland for approximately $250 million after the value of their Credit Suisse AT1 bonds was wiped out during UBS's takeover of the bank. The investors allege that the Swiss government violated bilateral investment treaties by not protecting their rights, as the bonds were zeroed out despite expectations of conversion to shares. Arbitration proceedings are set to begin, with negotiations planned over the next six months to seek an amicable resolution.
Credit Suisse High Yield Bond Fund, Inc.
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
performance analysis of european stocks and banks in early 2025
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