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Migros Bank has appointed former Credit Suisse risk manager Serena Fioravanti to its Board of Directors, despite her controversial past involving a false doctorate claim. Fioravanti, who previously held a senior position at CS Switzerland, now serves as Group Chief Risk Officer at ABN Amro. Bank Chairman Kobler expressed satisfaction in bringing on an "accomplished and experienced personality" as the bank continues to thrive in the Swiss real estate market.
Swiss banks have largely missed the cryptocurrency boom, with many institutions hesitant to embrace Bitcoin and other digital assets. While some cantonal banks and Postfinance offer direct purchases, most banks, including UBS and Pictet, remain skeptical, relegating crypto to indirect investments like ETFs. Despite a significant interest among Swiss investors, particularly the younger demographic, many still prefer to buy cryptocurrencies from foreign platforms.
Migros plans significant price cuts to compete with Aldi and Lidl, aiming to retain customers and reduce their migration to discounters. However, concerns arise regarding the impact on farmers' incomes, as lower prices may pressure suppliers, potentially leading to a negative price spiral in agriculture. Economists express skepticism about the sustainability of Migros' strategy amidst fierce competition.
UBS has sold its 50% stake in the Swiss credit card joint venture Swisscard to American Express, making Amex the sole owner. This decision follows the emergency merger of Credit Suisse with UBS, as the existing agreement was not extended. UBS stated that the credit card operations did not align with its strategic priorities, although the credit card business remains important to the bank.
Migros is set to close its dental care brand bestsmile, including its Lugano location, due to underperformance and a challenging market. The closure will occur in stages, affecting 27 locations and leading to job cuts, with a consultation process for impacted employees. Patients can continue their treatments at remaining bestsmile practices or at zahnarztzentrum.ch locations.
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Migros Bank appoints controversial former CS risk manager to board
07:59 20.02.2025
wiss banks struggle to embrace cryptocurrency amid growing investor interest
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16:37 21.10.2024
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