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ING Switzerland is expanding its corporate services, focusing on the healthcare and pharmaceutical sectors, to enhance its relevance and strengthen its market position. The bank aims to provide customized financial solutions, including treasury and risk management, as it seeks to capitalize on opportunities following Credit Suisse"s exit from the corporate client space. With new hires and a Zurich office, ING is positioning itself as a key player in the Swiss economy.
Banco Santander SA has transformed its role in the US financial market, recently acting as a bookrunner for the Iowa Tribe of Oklahoma's casino financing. This shift follows a significant hiring spree of former Credit Suisse investment bankers, propelling Santander to over a hundred deals in the US this year, a stark contrast to its previous limited involvement in leveraged loans.
Banco Santander SA has transformed its position in the US leveraged loan market, recently acting as a bookrunner for the Iowa Tribe of Oklahoma"s casino financing. This shift follows a significant hiring spree of former Credit Suisse investment bankers, propelling Santander to over a hundred deals in the US this year.
The Swiss stock market showed minimal movement, with the SMI down 0.07% to 8215.17 points and the SPI down 0.04% to 8908.21 points. Credit Suisse saw a surprising profit but fell 2.25%, while UBS and Julius Bär also declined. Defensive stocks like Nestlé and Roche had mixed results, and Logitech surged 7.83% in the broader market.
The Swiss stock market declined, with the SMI Leading Value Index down 0.67% to 8166.01 points amid uncertainty following the Federal Reserve's unchanged benchmark rate. Credit Suisse's surprising profit announcement led to a 3.38% drop in its shares, while UBS and Julius Bär also fell. Logitech surged 15.94% as it reported strong growth for the fiscal year.
The Swiss stock exchange started the week positively, with the SMI Guiding Values Index rising 1.51% to 7982.44 points, while the SPI gained 1.50% to 8311.73 points. The market's optimism is fueled by increasing oil prices, benefiting companies like Transocean and cyclical stocks such as ABB and Adecco. Notable gains were also seen in banking and insurance sectors, with UBS and Swiss Re performing well, while EFG International faced a decline after announcing its acquisition of BSI.
The European Court of Justice has upheld a fine of 11.9 million euros against Credit Suisse for its involvement in a bond cartel, originally sanctioned by the European Commission in 2021. The court also confirmed a 3.9 million euro fine on Credit Agricole, while Bank of America faced a 12.6 million euro penalty. Deutsche Bank avoided sanctions by reporting the cartel to authorities. The collusion among the banks occurred between 2010 and 2015, involving agreements on trading strategies and price-setting in the SSA bonds market.
Swiss Finance Minister Karin Keller-Sutter emphasized that taxpayers should not bear the costs of bank misconduct, stating that public goodwill has been exhausted. The government is working on new financial regulations to enhance the stability of the banking sector, particularly following the Credit Suisse crisis, while balancing competitiveness and security. Plans to tighten capital requirements for UBS and other major banks are facing resistance, highlighting the challenges in reforming the financial landscape.
Swiss Finance Minister Karin Keller-Sutter emphasized that taxpayers should not bear the costs of bank misconduct, stating that public goodwill has been exhausted following the Credit Suisse crisis. The government is working on stricter capital requirements for major banks, including UBS, to enhance financial stability while balancing competitiveness and security in the banking sector.
Karin Keller-Sutter, Switzerland's finance minister and only the second woman to hold the position in 175 years, is navigating the aftermath of UBS Group AG's acquisition of Credit Suisse. As the Swiss parliament prepares to release findings from an inquiry into Credit Suisse's near collapse, the results will influence government reform proposals and determine UBS's future capital requirements.
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ing expands corporate services in switzerland targeting healthcare and pharmaceuticals
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