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ZURICH, April 4 (Reuters) - Credit Suisse (CSGN.S) will face shareholder anger on Tuesday at what will be its final annual general meeting after the bank was rescued last month by Swiss rival UBS (UBSG.S). Tuesday's shareholder meeting marks an ignominious end for the 167-year-old flagship bank founded by Alfred Escher, a Swiss magnate affectionately dubbed King Alfred I, who helped build the country's railways and then Credit Suisse. After a run on deposits, the Swiss government turned to UBS, which agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion), a fraction of its earlier market value. In the lead up to Tuesday, Credit Suisse said it had withdrawn certain proposals from the meeting's agenda. Meanwhile, the office of the attorney general on Sunday said Switzerland's Federal Prosecutor has opened an investigation into the Credit Suisse takeover.

☆ Credit Suisse shareholders re-elect chairman
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: 1 min

ZURICH, April 4 (Reuters) - Credit Suisse (CSGN.S) shareholders voted to re-elect Chairman Axel Lehmann at the company's annual general meeting in Zurich on Tuesday. Of the votes cast, 55.67% were in favour of keeping Lehmann chairman for the remainder of the time until the Swiss bank is officially merged with rival UBS (UBSG.S) as part of a forced takeover orchestrated by Swiss authorities. Lehmann said earlier that five board members would not stand for re-election. The remaining board members were all narrowly re-elected by shareholders. Reporting by Noele Illien Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse braces for stormy shareholder meeting
▼ + stars: | 2023-04-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Credit Suisse is set for a turbulent annual shareholder meeting Tuesday, after its emergency rescue by UBS two weeks ago left investors nursing heavy losses. Credit Suisse (CS) shareholders are expected to vent their anger over the forced takeover of the ailing Swiss lender by its larger rival. Norges Bank Investment Management, a top 10 shareholder in Credit Suisse, said it would vote against the re-election of Credit Suisse chairman Axel Lehmann and six other directors. Last week Credit Suisse withdrew two proposals up for a shareholder vote from its AGM agenda, saying they were no longer necessary following the planned merger with UBS. He is seen as a safe pair of hands capable of integrating Credit Suisse and salvaging core parts of its business.

☆ 'I am truly sorry': Credit Suisse chair pleads with angry shareholders at annual meeting
▼ + stars: | 2023-04-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

ZURICH, Switzerland - Climate activists raise a boat during a protest ahead of the annual general meeting of Credit Suisse, following the bank's hastily brokered takeover by UBS to prevent a financial meltdown. Credit Suisse Chairman Axel Lehmann on Tuesday told shareholders he was "truly sorry" for the collapse that led to the bank's controversial takeover by UBS . Neither UBS nor Credit Suisse shareholders were allowed a vote on the deal. "Until the end, we fought hard to find a solution, but ultimately there were only two options: deal or bankruptcy," Lehmann told shareholders. In a statement Sunday, the office of the attorney general confirmed that Switzerland's Federal Prosecutor is investigating potential breaches of Swiss federal law by government officials, regulators and top executives at Credit Suisse and UBS.

☆ Credit Suisse chairman: "I am truly sorry"
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] Climate activists wearing masks of chairman of the Swiss National Bank Thomas Jordan, and chairman of Credit Suisse, Axel Lehmann, gather in front of Hallenstadion where Credit Suisse holds its Annual General Meeting, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre AlbouyZURICH, April 4 (Reuters) - Credit Suisse's chairman told a room full of shareholders that he was "truly sorry" the Swiss bank was not able to get back on track at its final annual general meeting on Tuesday, according to a manuscript of his speech. "I apologise that we were no longer able to stem the loss of trust that had accumulated over the years, and for disappointing you," Axel Lehmann said. The hastily arranged takeover by UBS, for which Switzerland invoked emergency legislation, bypassed Credit Suisse shareholders, who would otherwise have had a say, and largely wiped out the value of their holdings. Reporting by Noele Illien, Editing by Rachel More and John O'DonnellOur Standards: The Thomson Reuters Trust Principles.

☆ Norwegian wealth fund seeks Credit Suisse boardroom shake-up
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] Chairman of the Board of Directors of Credit Suisse, Axel Lehmann, attends a news conference after UBS's takeover offer, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse/File PhotoApril 2 (Reuters) - Norges Bank Investment Management will vote against the re-election of Credit Suisse (CSGN.S) Chair Axel Lehmann and six other directors at the Swiss lender's annual general meeting on Tuesday, the Norwegian wealth fund said on its website. "Shareholders should have the right to seek changes to the board when it does not act in their best interest," the Norges wealth fund said ahead of the April 4 meeting. In addition to Lehmann, Norges is also opposing re-election of Credit Suisse directors Iris Bohnet, Christian Gellerstad, Shan Li, Seraina Macia, Richard Meddings and Ana Pessoa. Credit Suisse declined to comment and UBS did not immediately respond to a request for comment.

☆ The Swiss claim the U.S. banking crisis ultimately toppled Credit Suisse. But are they right?
▼ + stars: | 2023-03-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Pascal Mora | Bloomberg | Getty Imageswatch nowHowever, the downward spiral of Credit Suisse's share price and mounting asset outflows were underway long before the collapse of Silicon Valley Bank earlier this month. Swiss regulator FINMA has come under fire for allowing the situation to deteriorate as the bank spent years mired in losses and scandal. Mark Yallop, chairman of the U.K.'s Financial Markets Standards Board and former U.K. CEO at UBS, told CNBC on Tuesday that he agreed with the broad assessment that Credit Suisse's downfall was "idiosyncratic." "It's unfortunate that the problems with some of the smaller U.S. banks in the last two or three weeks happened at the same time as this issue with Credit Suisse but the two are completely different and very largely unrelated," he said. By contrast, the Swiss banking and regulatory system has come under fire.

☆ Swiss regulator says central bank loan to Credit Suisse justified AT1 bond writedown
▼ + stars: | 2023-03-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Swiss regulator FINMA on Thursday defended its decision to instruct Credit Suisse to write down its AT1 bonds — a controversial part of the lender's emergency sale to UBS — saying it was a "viability event." The regulator said the loan Credit Suisse received from the Swiss National Bank last week, backed by the federal government, meant the conditions for a writedown had been met. The regulator instructed Credit Suisse to write down 16 billion Swiss francs of AT1 bonds, widely regarded as relatively risky investments, to zero, while equity shareholders will receive payouts at the stock's takeover value. "As Credit Suisse received extraordinary liquidity assistance loans secured by a federal default guarantee on 19 March 2023, these contractual conditions were met for the AT1 instruments issued by the bank." The Swiss federal government enacted an emergency ordinance to guarantee the additional liquidity assistance from the SNB to Credit Suisse, in order to ensure the successful implementation of the UBS takeover.

REUTERS/Tyrone SiuHONG KONG, March 21(Reuters) - The organisers of Art Basel Hong Kong, one of Asia's leading contemporary art fairs, said on Tuesday they are bullish on art market prospects in the region, with China and Hong Kong now having lifted all COVID lockdown restrictions. The annual fair, which also has iterations in Basel, Paris, and Miami Beach, runs from March 23-25 in Hong Kong. "Despite the challenges of the pandemic, the Asian art market has also remained resilient, with Greater China accounting for 20% of worldwide sales by value and ranking second as the second largest regional art market in the latest edition of the Art Basel," Art Basel CEO Noah Horowitz told reporters. Leading international galleries at Art Basel this year include Gagosian, Hauser & Wirth, Lehmann Maupin, Victoria Miro, Pace, Perrotin, White Cube and David Zwirner. We haven't really changed the process of the show since 2013," said Angelle Siyang-Le, the director Art Basel Hong Kong.

☆ UBS to take over Credit Suisse, assume up to 5 billion Swiss francs in losses
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +4 min

BERN, March 19 (Reuters) - UBS (UBSG.S) agreed to buy rival Swiss bank Credit Suisse (CSGN.S) for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. The deal includes 100 billion Swiss francs ($108 billion) in liquidity assistance for UBS and Credit Suisse from the Swiss central bank. In that eventuality, UBS would assume the first 5 billion francs, the federal government the next 9 billion francs, and UBS would assume any further losses, the government said. Credit Suisse Additional Tier 1 shares with a nominal value of around 16 billion francs ($17.2 billion) will be written down completely after the Swiss government provided support for UBS' takeover of Credit Suisse, FINMA said. Reuters Graphics Reuters GraphicsThe Swiss government said that it was also giving UBS a guarantee of 9 billion Swiss francs "assume potential losses" from assets as part of the transaction.

It will change the landscape of banking in Switzerland, where branches of Credit Suisse and UBS are dotted everywhere, sometimes just metres apart. The Credit Suisse rescue, orchestrated with public money, shows banks' continued vulnerability and how their problems can quickly rebound on their home country. But it also removes a competitor to Wall Street, with UBS planning to pare back much of Credit Suisse’s investment bank. During the great financial crash, it was UBS and not Credit Suisse that needed state support. UBS earned $7.6 billion in profit in 2022, while Credit Suisse lost $7.9 billion.

☆ Credit Suisse tells staff to keep working and that salary and bonus will be paid 'as previously communicated' after UBS takeover deal: reports
▼ + stars: | 2023-03-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

UBS sealed a deal to acquire Credit Suisse for $3.25 billion on Sunday after a crisis of confidence. "There are no changes to payroll arrangements," Credit Suisse wrote in a Q&A addressing concerns staff may have, per Bloomberg. Credit Suisse also assured staff they will still be paid bonuses for their work in 2023, according to the memo. This put pressure on Credit Suisse, whose outflows have already been accelerating over the past few months. Credit Suisse did not immediately respond to Insider's request for comment.

☆ UBS' dramatic takeover of Credit Suisse was the deal neither bank wanted. Here's some of the passive-aggressive digs from both sides.
▼ + stars: | 2023-03-20 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

UBS acquired Credit Suisse in a rescue takeover over the weekend. But Credit Suisse didn't want to be rescued, and UBS didn't want to have to be the rescuer. For example, the first official word of the deal came from the Swiss National Bank, which announced: "UBS today announced the takeover of Credit Suisse." Next, Credit Suisse announced: "Credit Suisse and UBS to Merge." In 2019, after UBS announced Khan's hire, the chief operating officer at Credit Suisse ordered a colleague to spy on him.

One recruiter told Insider they'd seen an influx of resumès of a similar scale to the 2008 financial crisis. Executives looked 'very downbeat' at an all-company meetingHeadquartered in Zurich, Credit Suisse has a large presence in Europe. A European-based headhunter told Insider they'd "heard there were some tears" from Credit Suisse veterans about the prospect of the bank's takeover. As Credit Suisse's outflows accelerated over recent months, it appears its employees have hunted for other postings. One industry headhunter in the UK said their desk has piled up with job applications from Credit Suisse workers for around a month.

☆ 'Shotgun wedding': What the UBS rescue of Credit Suisse means for global markets
▼ + stars: | 2023-03-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

Axel Lehmann, chairman of Credit Suisse Group AG, left, and Colm Kelleher, chairman of UBS Group AG, during a news conference in Bern, Switzerland, on Sunday, March 19, 2023. "The accelerating loss of confidence and the escalation over the last few days have made it clear that Credit Suisse can no longer exist in its current form," Lehmann said. In equal parts "shotgun wedding" and arranged marriage, UBS agreed to buy stricken domestic rival Credit Suisse for 3 billion Swiss francs ($3.25 billion) on Sunday. The government will offer a loss guarantee of up to 9 billion Swiss francs, with UBS assuming the first 5 billion of potential losses. Shares of both UBS and Credit Suisse plunged on Monday morning, however.

The ECB vowed to support euro zone banks with loans if needed, adding the Swiss rescue of Credit Suisse was "instrumental" for restoring calm. [1/6] Chairman of the Board of Directors of UBS, Colm Kelleher and Chairman of the Board of Directors of Credit Suisse, Axel Lehmann attend a news conference on Credit Suisse after UBS takeover offer, in Bern, Switzerland, March 19, 2023. The Swiss central bank said Sunday's deal includes 100 billion Swiss francs ($108 billion) in liquidity assistance for UBS and Credit Suisse. Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, equivalent to 0.76 Swiss francs per share for a total consideration of 3 billion francs, UBS said. Under the deal with UBS, some Credit Suisse bondholders are major losers.

☆ UBS's Credit Suisse deal was the best solution says Swiss gov't
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

Keller-Sutter, who said she held a Credit Suisse bank account, said the worst case had been avoided. This is a commercial solution because UBS is taking over Credit Suisse," she told a press conference in Bern. "The bankruptcy of Credit Suisse would have had a huge collateral damage - on the Swiss financial market also internationally," she said. He said it was far too early to discuss job cuts at Credit Suisse, but he was very positive about Credit Suisse's Swiss business. His upbeat tone contrasted with Credit Suisse Chairman Axel Lehmann, who was emotional when he spoke about the demise of 167-year-old Credit Suisse as an independent bank.

The terms of the deal will see Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they hold. "This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue. The Swiss National Bank pledged a loan of up to 100 billion Swiss francs ($108 billion) to support the takeover. UBS initially offered to buy Credit Suisse for around $1 billion Sunday, according to multiple media reports. It reported a full-year net loss of 7.3 billion Swiss francs for 2022 and expects a further "substantial" loss in 2023.

☆ UBS to take over Credit Suisse, assume up to 5 bln Swiss francs in losses
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +4 min

The deal includes 100 billion Swiss francs ($108 billion) in liquidity assistance for UBS and Credit Suisse from the Swiss central bank. In that eventuality, UBS would assume the first 5 billion francs, the federal government the next 9 billion francs, and UBS would assume any further losses, the government said. Credit Suisse Additional Tier 1 shares with a nominal value of around 16 billion francs ($17.2 billion) will be written down completely after the Swiss government provided support for UBS' takeover of Credit Suisse, FINMA said. Authorities had been scrambling to rescue Credit Suisse, among the world's largest wealth managers, before financial markets reopened on Monday. Reuters Graphics Reuters GraphicsThe Swiss government said that it was also giving UBS a guarantee of 9 billion Swiss francs "assume potential losses" from assets as part of the transaction.

☆ UBS is buying Credit Suisse in bid to halt banking crisis
▼ + stars: | 2023-03-19 | by ( Mark Thompson | ) edition.cnn.com time to read: +4 min

“UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement. Credit Suisse shareholders will be largely wiped out, receiving just 1 UBS share for 22.5 Credit Suisse shares they own. UBS (UBS) and Credit Suisse rank among the 30 most important banks in the global financial system, and together they have almost $1.7 trillion in assets. “Given recent extraordinary and unprecedented circumstances, the announced merger represents the best available outcome,” Credit Suisse chairman Axel Lehmann said in a statement. The Swiss National Bank said it would provide a loan of 100 billion Swiss francs ($108 billion) to UBS and Credit Suisse to boost liquidity.

☆ From spying to Swiss bailout: How years of turbulence at Credit Suisse came to a head
▼ + stars: | 2023-03-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland February 21, 2022. The announcement that Credit Suisse would borrow up to 50 billion Swiss francs ($54 billion) from the central bank came after consecutive sessions of steep drops in its share price. It made Credit Suisse the first major bank to receive such an intervention since the 2008 Global Financial Crisis. Scandals Credit Suisse is currently undergoing a massive strategic overhaul in a bid to address these chronic issues. These oversight failures resulted in a massive shakeup of Credit Suisse's investment banking, risk and compliance and asset management divisions.

March 16 (Reuters) - U.S. shareholders of Credit Suisse Group AG (CSGN.S) sued the Swiss bank on Thursday, claiming that the bank defrauded them by concealing problems with its finances. The proposed class action accuses Credit Suisse of deceiving investors by failing to disclose that it was suffering from "significant" customer outflows, and that it had material weaknesses in its internal controls over financial reporting. Credit Suisse declined to comment on the lawsuit, which was filed in federal court in Camden, New Jersey. Turner, the named plaintiff, sued on behalf of holders of Credit Suisse's American depositary shares from March 10, 2022, to March 15, 2023. The case is Turner v Credit Suisse Group AG et al, U.S. District Court, District of New Jersey, No.

☆ Credit Suisse plans to borrow about $54 billion from central bank
▼ + stars: | 2023-03-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCredit Suisse plans to borrow about $54 billion from central bankCredit Suisse will borrow up to nearly $54 billion from the Swiss National Bank. The announcement came hours after Axel Lehmann, Credit Suisse chairman, said that government assistance is 'not a topic' and that the bank has a "very strong balance sheet."

☆ How Credit Suisse has evolved over 167 years
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +5 min

Here is how Credit Suisse has developed over 167 years:1856Politician and business leader Alfred Escher founds Schweizerische Kreditanstalt (SKA) to finance the expansion of the railroad network and promote Swiss industrialisation. 1997A reorganisation turns CS Holding into Credit Suisse Group and drops the SKA name; it also buys insurer Winterthur, a strategic partner. 2002A reorganisation creates two units: Credit Suisse Financial Services and Credit Suisse First Boston; two years later it splits into three units by adding Winterthur. 2005Credit Suisse and CSFB merge and stop using the Credit Suisse First Boston brand name. The Swiss authorities provide assurances that Credit Suisse has met "the capital and liquidity requirements imposed on systemically important banks".

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