EFG International is poised for a record net profit in 2024, with over 260 million Swiss francs earned in the first 10 months, surpassing last year"s total of 303.2 million francs. The bank reported strong cash inflows of 7.4 billion francs and an increase in assets under management to 159 billion francs. CEO Giorgio Pradelli noted heightened client activity amid market volatility and indicated potential acquisition opportunities, although nothing is imminent.
EFG International reported a net profit exceeding 260 million Swiss francs ($294.18 million) for the first 10 months of 2024, compared to 303.2 million francs for all of 2023. The bank experienced strong cash inflows, with net new assets of 7.4 billion francs, leading to an annualized growth rate of 6.3%. Assets under management increased to 159 billion francs by the end of October, up from 142.2 billion francs at the end of 2023.
EFG International reported a net profit exceeding 260 million Swiss francs ($294.18 million) for the first 10 months of 2024, compared to a full-year profit of 303.2 million francs in 2023. The bank experienced strong cash inflows, with net new assets of 7.4 billion francs, leading to an annualized growth rate of 6.3%. Assets under management increased to 159 billion francs from 142.2 billion francs at the end of 2023.
Switzerland's financial regulator, FINMA, will enhance its oversight of UBS as part of a broader effort to strengthen banking regulations following the Credit Suisse collapse. The regulator plans to regularly review its supervisory approach, ensuring UBS can be managed without threatening financial stability. Proposed measures include granting FINMA additional powers and improving UBS's emergency plans to facilitate a potential wind-down without risking taxpayer funds.
Swiss financial regulator FINMA will regularly review its oversight of UBS as part of a broader effort to strengthen banking regulations following the 2023 Credit Suisse collapse. The regulator aims to enhance supervision and ensure that systemically important banks can be restructured without threatening financial stability. Proposed measures include granting FINMA additional powers and improving UBS's emergency and recovery plans.
Switzerland's financial regulator, FINMA, will regularly review its oversight of UBS as part of a broader effort to strengthen banking regulations following the Credit Suisse collapse. The regulator aims to enhance supervision and ensure that systemically important banks can be restructured without threatening financial stability. Proposed measures include granting FINMA additional powers and improving UBS's emergency plans to mitigate risks.
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 capital requirements for major banks like UBS, aiming to balance competitiveness with financial stability following the Credit Suisse crisis.
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 tougher capital requirements for major banks, including UBS, to enhance financial stability while balancing competitiveness and security in the sector.
Swiss Finance Minister Karin Keller-Sutter stated that UBS's capital requirements will hinge on the bank's resolvability as new stability measures are considered. The government is evaluating "too big to fail" proposals to prevent banking collapses like that of Credit Suisse, which UBS acquired. Keller-Sutter emphasized the need for a balance between financial sector competitiveness and stability, while also suggesting that the capitalization of UBS's foreign units remains under review. She noted the potential for increased regulatory powers for FINMA, including the ability to impose fines on banks.
UBS's capital requirements under new Swiss stability measures will hinge on the bank's resolvability, according to Finance Minister Karin Keller-Sutter. As UBS awaits regulations following the "too big to fail" proposals, concerns arise over the capitalization of its foreign subsidiaries, particularly after acquiring Credit Suisse. Keller-Sutter emphasized the need for a balance between financial sector competitiveness and stability, while also suggesting potential regulatory changes regarding executive compensation and penalties for banks.
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