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ING Groep is in early discussions with Italy's Banca Popolare di Sondrio as part of its European expansion strategy, although no formal offer is expected. This potential bid would compete with BPER Banca's recent €4.3 billion all-share offer for Sondrio, which is also under defensive strategies against takeover attempts.
UBS has received regulatory approval from China's securities regulator to fully acquire UBS Securities, raising its stake to 100%. The Swiss bank will purchase an additional 33% from Beijing State-owned Assets Management, solidifying its position in the Chinese market.
UBS has received regulatory approval from the China Securities Regulatory Commission to become the sole shareholder of UBS Securities. The Swiss bank will acquire an additional 33% stake from Beijing State-owned Assets Management, raising its ownership to 100%.
Lara Warner, former head of compliance at Credit Suisse, has been fined 100,000 Swiss francs for failing to report a suspicious 2016 transaction involving Mozambique's finance ministry, linked to the tuna bond scandal. Warner, who worked at the bank from 2015 to 2021, is contesting the fine, asserting that the decision not to file money laundering charges was not hers. Credit Suisse was taken over by UBS in 2023, and the case was settled out of court.
Lara Warner, the former compliance chief of Credit Suisse, has been fined 100,000 Swiss francs ($114,000) by Switzerland's finance ministry for failing to report a suspicious 2016 transaction involving Mozambique's finance ministry. This case is linked to the $1.5 billion "tuna bond" scandal that led to a default crisis in Mozambique. Warner, who worked at Credit Suisse from 2015 to 2021, is contesting the fine, asserting that the decision not to file a money laundering report was not hers.
Citigroup plans to reduce its reliance on IT contractors from 50% to 20% and hire thousands of employees to enhance data governance and risk management amid regulatory scrutiny. The bank aims to consolidate its IT operations and address recent fraud incidents linked to external contractors. As part of this strategy, Citi will relocate its IT team from Rutherford, New Jersey, to a new site in Jersey City next year.
Lone Star is likely to sell a 25-30% stake in Novo Banco through an IPO, rather than pursuing a full sale, according to Portugal's Finance Minister. The bank, valued at approximately €5 billion, was established in 2014 following a government bailout of Banco Espirito Santo. Lone Star has held its 75% stake since 2017, with the government confirming it has not been informed of any plans for a complete divestment.
German executives are rallying behind DWS CEO Stefan Hoops, who warned against the rise of "anti-woke" rhetoric that could lead back to a "Wolf of Wall Street" mentality. His LinkedIn post, which emphasizes zero tolerance for sexual harassment and equal opportunities, has garnered significant support from leaders in the financial sector ahead of the upcoming national election.
Swiss bank Julius Baer reported a rise in net new money during July-October, totaling 7.5 billion francs, with assets under management increasing to 480 billion francs. The new CEO, Stefan Bollinger, will start on January 9, following the ousting of Philipp Rickenbacher in February amid financial challenges. The bank noted a significant inflow from key European and Asian markets, while ongoing regulatory reviews have delayed share buybacks and cost targets remain unmet.
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.
Mark Potter
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