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UBS has been acquitted by the Swiss Federal Criminal Court of charges related to laundering money for the Bulgarian mafia, a case inherited from Credit Suisse. The latter was previously fined CHF 2 million for inadequate supervision and compliance with anti-money laundering regulations. Two other defendants received reduced prison sentences of 29 and five months.
A high-level Swiss court has acquitted Credit Suisse of a 2022 conviction for failing to prevent money laundering linked to a Bulgarian cocaine trafficking gang. The Appeals Chamber of the Federal Criminal Court stated that the charge was dismissed and the compensation claim against the bank was withdrawn. Credit Suisse, which went bankrupt in 2023 and was subsequently taken over by UBS, faced numerous scandals and setbacks leading to its downfall.
A top Swiss court has acquitted Credit Suisse of a 2022 conviction related to money laundering for a Bulgarian cocaine trafficking gang. The Federal Criminal Court's appeals chamber lifted the compensation claim against the bank, which is now part of UBS following its collapse in 2023 amid various scandals.
A top Swiss court has acquitted Credit Suisse of a 2022 conviction related to money laundering for a Bulgarian cocaine trafficking gang. The Federal Criminal Court's appeals chamber lifted the compensation claim against the bank, which collapsed in 2023 and was taken over by UBS.
The Federal Criminal Court has acquitted UBS in the Bulgaria case, previously taken over by Credit Suisse, while reducing the sentences of two other defendants. Credit Suisse had been fined two million Swiss francs and ordered to pay 19 million francs for failing to monitor banking ties with the Bulgarian mafia and for not adhering to anti-money laundering regulations from July 2007 to December 2008. The other defendants, a former banker and a mafia associate, received a 29-month prison term and a conditional five-month sentence.
UBS Group AG has laid off four loan syndication bankers in Hong Kong and Singapore amid a slowdown in deal flow and rising funding costs. The bankers, who were part of the 2023 acquisition of Credit Suisse, departed on Monday, according to sources familiar with the situation.
UBS Group AG has laid off four loan syndication bankers in Asia, including Terence Chia and Irene Liao, as the region's loan market faces challenges from high funding costs and sluggish growth in China. Loan volumes in Asia Pacific, excluding Japan, have dropped 19% year-to-date, intensifying competition among banks.
Christian Mumenthaler, recently ousted as CEO of Swiss Re, will take over as President of the UBS Center for Economics in Society at the University of Zurich in 2025, succeeding Kaspar Villiger. His appointment raises eyebrows due to his poor track record at Swiss Re, where he failed to maintain competitiveness against Munich Re and faced criticism for his leadership style, including a lack of accountability and controversial decisions at the Geneva Association.
UBS Group AG is re-entering Australia's wealth management sector, focusing on high net worth women and family offices, following its acquisition of Credit Suisse. With over US$30 billion in managed assets, UBS aims to capitalize on the growing wealth market, particularly as female millionaires increase at nearly double the rate of men. The firm is enhancing its client services by integrating investment banking opportunities and fostering a diverse advisory team to meet the evolving demands of wealthy clients.
UBS Group AG is set to acquire full ownership of its securities joint venture in China, UBS Securities Co. Limited, as its partner, Beijing State-owned Asset Management, sells a 33% stake for 1.5 billion yuan. This move is part of UBS's strategy to enhance its presence in China and follows its recent acquisition of Credit Suisse. Additionally, UBS is pursuing broader banking licenses in the U.S. and exploring a wealth management joint venture in India to capitalize on growth opportunities in key markets.
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