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Kepler Cheuvreux has upgraded UBS Group AG's stock rating from Hold to Buy, raising the price target from CHF 28.50 to CHF 33.00, reflecting confidence in the bank's financial prospects despite potential capital shortfalls. UBS reported a net profit of $1.4 billion for Q3 2024, with a year-to-date profit before tax of $7.1 billion and a 9% increase in underlying revenues. The bank plans $15 billion in buybacks from 2025 to 2027 and continues to invest in technology to support long-term growth.
Standard Chartered has launched cryptocurrency services in Europe after securing a digital asset license in Luxembourg, establishing a new entity to provide crypto custody services. This initiative follows the implementation of the EU's Markets in Crypto-Assets Regulation and is part of the bank's global digital asset strategy, which includes previous offerings in the UAE. Laurent Marochini, formerly of Société Générale, will lead the Luxembourg entity, emphasizing high security standards for institutional clients.
Ripple's stablecoin, RLUSD, launched in mid-December, has gained traction among major exchanges, with Bitstamp recently adding it to its platform. Pegged 1:1 to the US dollar, RLUSD is designed for institutional use but has experienced initial price volatility, fluctuating between $0.96 and $1.06. Users are cautioned about the high-risk nature of the investment, with Ripple's CTO advising against speculative behavior.
Standard Chartered has launched a crypto custody entity in Luxembourg, operating under the EU's MiCA regulation, to expand its digital asset services across Europe. Led by CEO Laurent Marochini, the new branch aims to support institutional clients in navigating the digital asset ecosystem. This move follows the bank's previous crypto initiatives in the UAE and reflects its commitment to becoming a key player in the digital finance landscape.
US lawyers are intensifying their lawsuit against Switzerland regarding the declaration of worthlessness of AT1 bonds, with the amount in dispute rising to $372 million. The case, led by Quinn Emanuel, accuses Switzerland of violating property rights and orchestrating the Credit Suisse takeover. Switzerland must respond by February 3, 2025, with a court decision not expected until summer 2025.
U.S. lawyers are intensifying their lawsuit against Switzerland over the write-down of AT1 bonds, now valued at $372 million, with additional plaintiffs joining the case. The law firm Quinn Emanuel alleges that Switzerland facilitated Credit Suisse's takeover by UBS, violating property rights of AT1 holders. Switzerland must respond to the amended complaint by February 3, 2025, with a court decision expected by summer 2025.
Banque Internationale à Luxembourg (BIL) is closing its Hong Kong office as part of a strategic reorganization to enhance its wealth management operations in Europe. Despite being owned by China's Legend Holdings, the bank has struggled with profitability in Hong Kong amid a challenging economic climate. BIL will continue to serve Chinese clients through its hubs in Luxembourg and Switzerland, while maintaining its representative office in Beijing.
Banque Internationale à Luxembourg (BIL) is closing its Hong Kong office as part of a strategic shift to enhance its wealth management operations in Europe. The bank will continue to serve Chinese clients from its centers in Luxembourg and Switzerland, while maintaining its representative office in Beijing. This decision follows challenges in achieving profitability in Hong Kong amid a tough economic climate.
UBS has been fined 250,000 euros by Luxembourg's financial regulator for breaches related to Credit Suisse's management of Greensill funds prior to their merger. The violations included conflicts of interest, inadequate asset valuation, and failure to conduct proper due diligence on delegated portfolio management. The CSSF highlighted serious shortcomings in organizational requirements and investor information, leading to significant losses for investors when Greensill collapsed.
Luxembourg’s financial regulator has fined UBS €250,000 for compliance breaches linked to Credit Suisse’s management of investments in Greensill funds. The Commission de Surveillance du Secteur Financier identified severe violations in areas such as risk management, investor disclosure, and conflicts of interest, which led to significant losses for investors following Greensill's collapse. The breaches occurred before UBS's merger with Credit Suisse, with the regulator noting inadequate due diligence and incomplete asset valuation procedures.
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kepler cheuvreux upgrades ubsg stock rating and raises price target
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