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DBS Group Holdings has expanded its wealth management team to attract wealthy Russians, hiring two private bankers recently, despite many global banks retreating due to sanction risks. The Singapore lender now has at least nine Russian-speaking bankers and aims to double its wealth management fees by 2027, offering services to clients with a minimum of $20 million in assets. While it conducts rigorous risk assessments to ensure compliance with sanctions, DBS emphasizes that it does not specifically target Russian clients.
The Federal Criminal Court acquitted UBS in a case involving the Bulgarian mafia, while Credit Suisse was found guilty of failing to supervise its relations and comply with anti-money laundering regulations from July 2007 to December 2008. The Swiss Federal Prosecutor's Office is appealing for a maximum fine of CHF 5 million and a compensation claim of CHF 41 million. Among the four convicted, one has died, while two others have appealed their sentences, with one receiving a 29-month prison term and the other a five-month suspended sentence.
The Federal Criminal Court in Bellinzona acquitted UBS in a money laundering case linked to the Bulgarian mafia, which originated from Credit Suisse's past. Credit Suisse had previously been fined 2 million francs and ordered to pay 19 million in compensation. Two defendants received reduced sentences, with one Bulgarian's term cut from 36 to 29 months and a former Julius Baer employee's from 14 to 5 months with parole.
UBS has been acquitted by the Swiss Federal Criminal Court of charges related to laundering money from the Bulgarian Mafia, a case inherited from Credit Suisse. The latter was previously fined CHF 2 million for inadequate supervision and anti-money laundering compliance between July 2007 and December 2008. Two defendants received reduced sentences, while one has since died, and the verdicts remain subject to appeal.
RBC Capital Markets maintains an "Outperform" rating for UBS, setting a target price of 32 francs, despite current economic uncertainties affecting major European banks. Analyst Anke Reingen favors institutions with less reliance on net interest income and strong U.S. focus, highlighting UBS among preferred stocks. As of 09:04, UBS shares fell 1.0% to CHF 27.49, yet have risen 8.1% since the start of 2024, with the next balance sheet presentation scheduled for February 4, 2025.
RBC has maintained its "Outperform" rating for UBS, setting a target price of 32 francs. Analyst Anke Reingen highlighted that increasing economic uncertainty is overshadowing the fundamentals of major European banks, favoring institutions with lower dependence on net interest income and stronger U.S. focus. Preferred stocks include Barclays, UBS, Julius Baer, Deutsche Bank, BNP, and OSB Group.
RBC has upgraded UBS to an 'Outperform' rating with a target price of 32 francs, despite increasing economic uncertainty affecting major European banks. Analyst Anke Reingen favors institutions with lower reliance on net interest income and strong cost management, highlighting Barclays, UBS, Julius Baer, Deutsche Bank, BNP, and OSB Group as preferred stocks.
Citi has raised its price target for EFG International AG from CHF 14.70 to CHF 14.90, maintaining a Buy rating despite the company's recent earnings falling short of expectations due to higher costs. The analyst remains optimistic about EFG's organic growth potential, supported by a hiring spree and expected increases in earnings per share for 2025 to 2028. Key factors for this positive outlook include strong operating momentum and the likelihood of extraordinary capital returns.
Investors are concerned about President Trump's policies and the escalating war in Ukraine, leading to a shift towards safe havens. Nestlé's shares have fallen over 20% this year due to slow growth, while Nvidia reported impressive sales but faced high expectations. Swiss GDP growth slowed to 0.2%, with a notable trade surplus driven by the chemicals and pharmaceuticals sector.
Swiss investors are capitalizing on US election-linked opportunities, with the Vontobel Republican 2024 US Election Index certificate outperforming its Democratic counterpart by over 15%. The Republican version benefits from US banking sector stocks, while European banks face challenges due to strict regulations and low interest rates. New structured products, including BRCs and autocallables, are emerging in both the Swiss financial and US healthcare sectors, reflecting investor sentiment amid political changes.
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dbs expands wealth management team for wealthy russian clients amid sanctions
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01:00 03.12.2024
credit suisse convicted for failing to supervise ties with bulgarian mafia
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court acquits ubs in bulgarian mafia money laundering case
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wiss court acquits ubs in bulgarian mafia money laundering case
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RBC maintains outperform rating for UBS with target price of 32 francs
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