A Swiss court acquitted Credit Suisse of money laundering charges linked to Bulgarian cocaine traffickers, overturning a 2022 conviction. The court cited the presumption of innocence for a deceased former employee, leading to the annulment of a 2 million franc fine and compensation claims against the bank. UBS, which acquired Credit Suisse in March 2023, welcomed the ruling, though the Swiss federal authorities may still appeal.
Credit Suisse was acquitted in a 2022 money laundering case involving a former employee who was found guilty of facilitating a drug trafficking ring's operations from 2004 to 2008. The appeal court ruled that examining the case further would infringe on the presumption of innocence due to the employee's death. UBS, which acquired Credit Suisse in March 2023, welcomed the decision, which concluded the case, pending any appeal by Swiss federal authorities.
The Swiss Federal Criminal Court has acquitted UBS of money laundering charges linked to the Bulgarian mafia, a case inherited from Credit Suisse. The latter was previously fined 2 million Swiss francs and ordered to pay 19 million in compensation for failing to supervise its relations with the mafia between 2007 and 2008. Two defendants received reduced sentences, while the verdict remains subject to appeal.
UBS Group AG has laid off four loan syndication bankers in Asia, including two senior figures in Singapore, as the region's loan market faces challenges from high funding costs and sluggish growth in China. The departures come amid a 19% drop in loan volumes in the Asia Pacific, excluding Japan, this year. The affected bankers were part of the team acquired during UBS's takeover of Credit Suisse earlier in 2023.
A Swiss appeals court has acquitted UBS of charges related to Credit Suisse's 2022 conviction for failing to prevent money laundering linked to a cocaine dealer, following the death of a key former employee. The court ruled that the deceased's inability to defend himself violated the presumption of innocence, leading to the cancellation of a 19 million Swiss franc compensation order. UBS welcomed the decision, which resolves a legacy issue from its acquisition of Credit Suisse.
TPF has acquitted UBS in a case linked to the Bulgarian mafia, while Credit Suisse was convicted in 2022 for inadequate organization related to aggravated money laundering. The bank was fined CHF 2 million and faced a compensatory claim of CHF 19 million. Two other defendants received partial suspended prison sentences of 29 and five months, down from initial sentences of 36 months and 14 months, respectively.
UBS is poised to enhance its position in the Chinese securities market by acquiring the 33 percent stake in UBS Securities currently held by Beijing State-owned Asset Management for approximately $207 million. This move will give UBS full control of the joint venture, following its recent divestment of a stake in Credit Suisse Securities (China). However, UBS's deepening ties in China raise concerns amid ongoing geopolitical tensions, particularly due to investments in companies on the U.S. sanctions list.
Sergio Ermotti has been named "European Banker of the Year" for 2023, recognizing his leadership during the integration of Credit Suisse into UBS. He views this merger as a potential model for future consolidations in the banking sector, despite facing criticism over his substantial salary.
A new non-partisan initiative aims to enshrine an ecological and sustainable orientation for the Swiss financial center in the constitution, targeting major banks like UBS for their fossil fuel investments. The initiative proposes restrictions on financing new fossil energy projects and calls for a supervisory authority, dubbed "eco-finma," to ensure compliance and prevent greenwashing. With the recent collapse of Credit Suisse, proponents see this as an opportune moment for reform in banking regulation.
The Swiss financial regulator, Finma, plans to enhance market supervision in response to the Credit Suisse crisis. As part of its strategic goals for 2025 to 2028, Finma aims to prepare supervised institutions for potential crises and incorporate lessons learned from the recent events surrounding Credit Suisse.
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