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ubs denies involvement in bulgarian mafia money laundering trial
In the ongoing Bulgarian money laundering trial, UBS maintains its innocence, asserting no connection to the accusations against Credit Suisse. A former banker involved with the Bulgarian Mafia expressed surprise at the lack of scrutiny from his previous employer, Julius Baer, regarding suspicious funds. The trial continues with closing arguments scheduled until October 10.
spi index declines as trading volume shifts among top stocks
On Wednesday, the SPI index in Zurich fell 0.20% to 16,099.50 points, marking a decline of 0.996% since the start of the week. The index has risen 10.50% year-to-date, with a high of 16,557.98 points and a low of 14,455.60 points recorded this year. Schlatter Industries and Rieter led the gains, while HOCHDORF and Evolva faced significant losses.
new managing director appointed for swiss asset management association
Manuel Rybach has been appointed as the new Managing Director of the Association of Swiss Asset Management and Wealth Management Banks (VAV), effective January 1, 2025. Rybach, currently Chief Corporate Affairs Officer at EFG International, succeeds Pascal Gentinetta, who led the VAV for a decade. The VAV represents 23 banks managing over CHF 1,200 billion in assets.
wealth management bank appoints manuel rybach as new ceo effective 2025
Manuel Rybach has been appointed as the new CEO of the Swiss Association of Asset Management and Private Banking (VAV), effective January 1, 2025, succeeding Pascal Gentinetta. Rybach, currently Chief Corporate Affairs Officer at EFG International, brings extensive experience in public policy and regulatory affairs from his previous role at Credit Suisse. Under Gentinetta's leadership, VAV has strengthened its position as a key representative for wealth management banks in Switzerland, managing over 1.2 trillion francs in assets.
ubs takes over credit suisse in appeal of money laundering trial
UBS has taken over Credit Suisse's role in the appeal against a CHF 2 million judgment related to the "Bulgarian Connection" money laundering trial, which began at the Federal Criminal Court in Bellinzona. The proceedings were marked by UBS's preliminary requests to suspend and close the case. Credit Suisse had previously appealed the initial ruling in late 2023, alongside two other defendants and the Swiss Federal Prosecutor's Office.
Swiss dividend stocks show promise with yields up to five percent
Burkhalter Holding AG, with a market cap of CHF 937.29 million, offers electrical engineering services and boasts a 5% dividend yield, placing it among the top Swiss dividend payers. Despite a volatile track record, recent results show sales growth to CHF 570.3 million and a net profit of CHF 23.3 million. Romande Energie Holding SA, valued at CHF 1.23 billion, operates in energy production and distribution, with a stable dividend yield of 3% but concerns over sustainability due to low free cash flow coverage.
swiss dividend stocks show stability and growth potential amid market volatility
Luzerner Kantonalbank offers a stable dividend yield of 4.06%, supported by a solid payout ratio of 46.5% and an increase in net profit to CHF 144.73 million in H1 2024. Meanwhile, Phoenix Mecano, with a higher yield of 6.4%, faces sustainability challenges due to a cash payout ratio of 118.5% and declining sales.
private banks advise risk-taking as federal reserve begins interest rate cuts
The US Federal Reserve has initiated its easing cycle with a 50 basis point rate cut, reducing the target range to 4.75-5%. Private banks are advising investors to embrace more risk, particularly in equities, while suggesting a shift from cash to high-quality bonds. However, the trajectory of future rate cuts may be influenced by the upcoming presidential election.
Neue Bank appoints Roman Pfranger as new CEO starting February
Neue Bank in Liechtenstein has appointed Roman Pfranger as its new CEO, effective February, succeeding Marcel Lüchinger. Pfranger, who has been with Kaiser Partner Privatbank since 2008, previously led its private banking division and investment solutions. The executive board remains unchanged, managing client assets of approximately CHF 6.8 billion.
swiss dividend stocks show growth potential amid market stability
DKSH Holding AG, with a market cap of CHF 4.18 billion, reported a net income of CHF 111.2 million for H1 2024, despite a slight sales dip. Its dividend yield stands at 3.5%, supported by a 77% payout ratio. In contrast, EFG International AG offers a higher dividend yield of 4.82% and a net income of CHF 162.8 million, reflecting strong performance in the financial sector.
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