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Poinz has been recognized as the best credit card with a bonus system, surpassing major competitors. UBS's Mastercard Platinum topped the annual fee category, while Poinz excelled in no annual fee and loyalty programs. Cornèrcard Gold was voted best for international use, and Aargauische Kantonalbank led in prepaid cards.
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Switzerland's financial regulator, FINMA, will regularly review its oversight of UBS as part of a strategy to enhance banking sector regulations following the Credit Suisse collapse. The regulator aims to strengthen supervision and ensure that systemically important banks can be restructured without threatening financial stability. New proposals for increased powers for FINMA are expected to be announced in 2025, alongside findings from a parliamentary report on the Credit Suisse crisis.
The Swiss Financial Supervisory Authority (FINMA) will enhance its supervision of UBS as part of a broader regulatory overhaul aimed at strengthening the banking sector following the Credit Suisse collapse. FINMA plans to refine its supervisory approach to address the systemic risks posed by UBS and other major banks, with new regulatory proposals expected to be announced in early 2025. Additionally, UBS is required to improve its contingency and recovery plans to ensure financial stability and protect taxpayers.
The Swiss financial regulator FINMA will regularly review its supervision of UBS as part of a broader regulatory overhaul aimed at strengthening the banking sector. Following the collapse of Credit Suisse, proposals for tighter regulations are being developed, with an announcement on supervisory tools expected in early 2025. UBS and other systemically important banks must enhance their contingency plans to ensure stability and avoid risks to taxpayers.
The Zurich High Court has dismissed complaints against prosecutors in the ongoing case of former Raiffeisen boss Pierin Vincenz, ruling they were not biased despite the involvement of external experts in the indictment review. Vincenz and co-defendants can still appeal to the Federal Supreme Court, following a previous ruling that found serious flaws in the lengthy indictment. The case revolves around allegations that the accused secretly invested in companies, profiting from Raiffeisen Group"s subsequent acquisitions.
Moody's has upgraded the Raiffeisen Group's long-term deposit rating to "Aa2" from "Aa3," reflecting improved capital quality and financial strength. The outlook for long-term deposit ratings is now stable, while the outlook for bond ratings remains positive, supported by the bank's diversification into corporate loans and wealth management activities.
Moody"s has upgraded the Raiffeisen Group"s long-term deposit rating to "Aa2" from "Aa3" and raised its long-term unsecured debt rating to A2 from A3, reflecting improved capital quality and financial strength. The outlook for long-term deposit ratings is now "stable," while bond ratings maintain a positive outlook. The upgrade highlights the Group"s efforts to diversify income sources, reducing reliance on mortgage income and enhancing stability against potential interest rate declines in Switzerland.
Moody's has upgraded the Raiffeisen Group's long-term deposit rating to "Aa2" from "Aa3," reflecting improved capital quality and financial strength. The outlook for long-term deposit ratings is now stable, while bond ratings maintain a positive outlook, supported by the bank's diversification into corporate loans and wealth management activities.
The Credit Suisse crisis has sparked intense debate over regulatory reforms for UBS and the Swiss banking sector, with the Bankers Association arguing that proposed capital requirements and supervisory powers are excessive. While acknowledging the need for action, the association emphasizes that a credible emergency regime is essential to reduce reliance on state guarantees. The government plans to introduce a state liquidity guarantee for systemically important banks, but banks resist paying advance insurance premiums, complicating the legislative process.
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