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Kristine Schulze has been elected to the Bank Council of Zürcher Kantonalbank (ZKB) by the Zurich Cantonal Council, replacing Henrich Kisker, who stepped down due to age-related term limits. With over 30 years of experience in the financial sector, including roles at Credit Suisse and Coop Bank, Schulze brings expertise in sustainability and corporate social responsibility. Her election fills the SP's third seat on the council for the term from 2024 to 2027.
The Czech Republic is set to enhance crypto adoption with new reforms that exempt capital gains tax on crypto held for over three years and simplify banking access for crypto companies. These measures align with EU standards and aim to position the nation as a leader in digital finance. Prime Minister Petr Fiala commended the efforts, highlighting the importance of fostering a favorable environment for long-term crypto investments.
The Chinese government is set to transfer its stake in China Cinda Asset Management Co., a major bad-debt manager, to Central Huijin Investment Ltd., a unit of its sovereign wealth fund. This move is part of a broader regulatory overhaul and is currently in its final stages, though it may face delays or changes.
Apollo Global Management Inc. has agreed to invest in a $370 million portfolio of infrastructure loans from Banco Santander SA, aiming to enhance the bank's capital returns. As regulatory pressures increase the cost for banks to hold such assets, private capital firms like Apollo are seizing the opportunity to acquire the loans originated by these lenders.
Banco BPM SpA saw a significant rise in Milan trading after Credit Agricole SA increased its stake in the bank, which is Italy's third-largest. The stock climbed as much as 3.9%, reaching its highest point in over eight years, and boosting the bank's market value to €11.6 billion ($12.3 billion). In contrast, UniCredit's shares fell by 1.1%.
Moody's has upgraded its global bank outlook for 2025 to stable, despite ongoing geopolitical crises, with most G-20 economies expected to experience slow and sustainable growth due to lower interest rates. However, Asia is projected to lag behind other regions, facing no positive drivers for improvement. The outlook could shift based on geopolitical developments and inflation trends.
Switzerland is set to release a significant political inquiry into the factors leading to Credit Suisse's 2023 collapse, with implications for UBS Group AG's future regulation. The commission, known as PUK, aims to complete its findings by year-end, paving the way for legislative changes by spring.
Geojit Financial Services has downgraded Manappuram Finance to 'SELL' with a target price of Rs. 152, citing medium-term pressures and the RBI's halt on Asirvad's operations, which impacts its microfinance and gold loan branches. Despite a 20% YoY growth in Net Interest Income to Rs. 1,635cr, the company's PAT growth was limited to 2% YoY at Rs. 572cr due to a significant rise in credit costs.
Protean eGov Technologies Ltd., with a legacy of over 28 years, has evolved from NSDL to a key player in India's digital infrastructure, managing critical initiatives like PAN card issuance and the National Pension System. As it continues to thrive on legacy revenue, the company is now focusing on the private sector, with plans for PAN 2.0 and developing SaaS tools. CEO Suresh Sethi and Chief Product & Innovation Officer Bertram D'souza outline their monetization strategy for new ventures.
As Trump 2.0 approaches, offshore hubs, particularly in the Caribbean, may benefit from a potential rollback of global tax reforms. While Switzerland faces challenges with high tax rates, medium-sized financial centers like Singapore and Dubai could attract talent due to their favorable tax environments. The Swiss financial sector, constrained by direct democracy, may struggle to compete for international banking talent in the coming years.
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new member joins zkb bank council bringing extensive industry experience
United States Dollar
HELVETIA GROUP SA
Credit Suisse Real Estate Fund Siat
CHE
Kristine Schulze
Henrich Kisker
10:51 09.12.2024
Czech Republic introduces reforms to boost cryptocurrency investment and banking access
10:18 09.12.2024
China plans transfer of Cinda stake to sovereign wealth fund soon
10:04 09.12.2024
apollo invests in santander's infrastructure loan portfolio worth 370 million
10:01 09.12.2024
banco bpm shares surge as credit agricole increases stake in italian bank
09:27 09.12.2024
global banks outlook improves for 2025 despite geopolitical uncertainties
09:16 09.12.2024
swiss inquiry into credit suisse collapse to influence future regulation of ubS
09:09 09.12.2024
Geojit Financial Services downgrades Manappuram Finance to sell with target price of 152
08:53 09.12.2024
protean eGov technologies expands digital footprint with new initiatives and projects
08:19 09.12.2024
offshore financial centers brace for changes amid potential us policy shifts
07:39 09.12.2024
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