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BKB will increase its payment for the state guarantee by 5 million, as determined by the Government Council of the Canton of Basel-Stadt. This compensation addresses the canton’s liability for the bank's debts in case of bankruptcy and considers the bank's cost advantage to prevent competitive distortions.
The Government Council has set the annual compensation for the BKB state guarantee at CHF 15.2 million for the years 2025 to 2028, an increase of CHF 5.0 million from the previous period due to growth in total assets. The Canton of Basel-Stadt remains liable for BKB's debts in case of bankruptcy, ensuring the bank can finance itself more favorably on the capital market.
The Government Council of the Canton of Basel-Stadt has set the annual compensation for Basler Kantonalbank's state guarantee at CHF 15.2 million for the years 2025 to 2028, reflecting a CHF 5.0 million increase from the previous period due to asset growth. This guarantee ensures the canton is liable for BKB's debts in case of bankruptcy, while BKB benefits from lower financing costs on the capital market.
UBS has disposed of thousands of items from the offices of Credit Suisse, including high-value furniture, at a Zurich disposal site, opting for a quick and cost-effective cleanup. While some items may be reused or sold, the bank has not confirmed any alternative disposal methods. Meanwhile, memorabilia from the former bank is attracting bids, with items like a CS Risk Management cap fetching CHF 29.
Neon, Yuh, and Zak lead the Consumer Bank Ranking in Switzerland for 2024, with satisfaction scores of 72.9, 71.5, and 64.1, respectively. Neobanks are more popular among men, while women favor traditional banks like Raiffeisen and Zürcher Kantonalbank. Despite the rise of digital banking, younger individuals aged 18 to 29 still lean towards traditional banking options.
The SMI closed lower, while UBS saw gains amid minimal movement on Wall Street, with Morgan Stanley in demand. Analysts from Zürcher Kantonalbank and Vontobel noted that the market had anticipated a lower outlook for 2024, which has now been confirmed with a surprising ten percent reduction in turnover. Despite this, the medium-term outlook remains unchanged but is deemed irrelevant.
From 2025 to 2028, Basler Kantonalbank will pay CHF 15.2 million annually for the state guarantee, an increase of CHF 5 million compared to the previous four years. This compensation addresses the canton’s liability for the bank's debts in case of bankruptcy and aims to balance the bank's competitive advantages.
Singapore is tightening its anti-money laundering regulations to enhance its financial center's integrity, while Swiss banks, facing challenges from increased transparency and geopolitical shifts, are seeking growth in Asia. The competition for offshore wealth management is intensifying as both regions adapt to changing global dynamics.
Ralph Hamers, currently CEO of ING Group, will succeed Sergio Ermotti as CEO of UBS on November 1. After transforming ING into a digital banking leader over six years, Hamers will leave ING on June 30 and join UBS on September 1, following a decision not to extend Ermotti's term. This leadership change at UBS comes shortly after a similar transition at Credit Suisse.
UBS has reduced its price target for L'Oréal from 440 to 415 euros while maintaining a "Neutral" rating. Analyst Guillaume Delmas anticipates a weak third quarter for the cosmetics group, following disappointing sales figures from luxury goods giant LVMH.
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