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Leonteq's Annual General Meeting approved a significant dividend increase to CHF 3 per share, driven by major shareholder Raiffeisen, despite opposition from the Board of Directors. However, a proposed share buyback program by businessman Rainer-Marc Frey was rejected. The meeting highlighted ongoing tensions between the company and its investors, particularly following regulatory sanctions and dissatisfaction with executive remuneration proposals.
UBS shares have been removed from a model portfolio by a strategist, following a recent reinstatement by another analyst. The Swiss market shows mixed performance, with Givaudan gaining slightly while Sonova and Dätwyler face declines. Notable updates include Galderma receiving EMA marketing authorization and Novartis gaining FDA orphan drug designation for Ianalumab.
Leonteq faces a crisis as Lukas Ruflin will not join the Board of Directors, contradicting earlier announcements. The company's share price has plummeted, raising takeover speculation involving UBS and Raiffeisen, which holds a significant stake. Regulatory scrutiny intensifies following allegations of questionable financial practices, with Leonteq penalized for serious risk management breaches.
Finma has imposed a significant fine on Leonteq for serious breaches of risk management and governance, leading to a profit warning for 2024. The financial group must now enhance its compliance measures and can only work with regulated foreign distributors, while an auditor will oversee these changes. Despite the violations, Leonteq has cooperated with Finma and has already taken steps to improve its risk management and compliance frameworks.
Leonteq has been fined by FINMA for serious breaches of risk management and warranty obligations, leading to a profit warning for 2024. The Swiss financial group must now work only with regulated foreign distributors and has had CHF 9.3 million in profits confiscated due to violations involving unregulated partners. Despite these issues, Leonteq has committed to enhancing its compliance and risk management processes, with top management acknowledging past weaknesses.
FINMA has imposed significant penalties on Zurich-based derivatives firm Leonteq for serious breaches of risk management and warranty obligations related to unregulated foreign distributors. The authority confiscated CHF 9.3 million in profits and mandated compliance measures, including working only with regulated distributors. Despite these challenges, Leonteq anticipates a profit in the "single-digit million range" for 2024, acknowledging past shortcomings in risk management.
Lukas Ruflin
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
raiffeisen secures dividend increase at leonteq amid shareholder tensions
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Raiffeisenfonds-Wachstum T
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CHE
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