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[1/2] A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. UBS and Credit Suisse declined to comment. What's more, UBS doesn't tend to lend to potential clients as Credit Suisse has often done, a move that can persuade some customers. "There are clearly parts of Credit Suisse that have had a bad culture," UBS Chairman Colm Kelleher told reporters on March 29. UBS ranked 14th advising on mergers globally last year, behind 11th placed Credit Suisse, according to data compiled by Dealogic.

☆ Swiss government awards $9.7 mln contract related to Credit Suisse - UBS merger
▼ + stars: | 2023-04-17 | by ( Oliver Hirt | ) www.reuters.com time to read: +2 min

[1/2] The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse/File PhotoZURICH, April 17 (Reuters) - The Swiss government has awarded an advisory mandate worth up to 8.7 million Swiss francs ($9.70 million) to Alvarez & Marsal Switzerland, linked to the rescue of Credit Suisse (CSGN.S), according to state procurement platform Simap.ch on Monday. Swiss authorities last month engineered a takeover of struggling Credit Suisse by rival UBS (UBSG.S) that included over 200 billion francs in financial guarantees. The Ministry of Finance will pay up to CHF 10.3 million for this service. ($1 = 0.8965 Swiss francs)Writing by Noele Illien; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

PARLIAMENT 'CIRCUMVENTED'The Credit Suisse/UBS merger marked the first time that parliament had withheld its support for emergency laws designed to deal quickly with crises. Swiss Finance Minister Karin Keller-Sutter defended the use of the emergency powers, saying Switzerland was not an "emergency dictatorship." "The emergency law is based on the federal constitution and I don't think it's correct to say it's illegal." "Politicians might have wanted to show their disapproval about what happened, but they don’t want the UBS takeover to fail." The use of such emergency legislation, overturning antitrust rules, is a problem for Swiss democracy and rule of law.

☆ UBS has hired JPMorgan to explore C.Suisse domestic spin-off -Swiss media
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre Albouy/File PhotoZURICH, April 13 (Reuters) - UBS (UBSG.S) has hired JPMorgan (JPM.N) to explore a possible IPO of Credit Suisse's (CSGN.S) domestic business, Zurich based finance blog Inside Paradeplatz reported on Thursday. Last month UBS agreed to takeover Credit Suisse for 3 billion francs as part of a merger engineered by Swiss authorities, while the Alpine state put up more than 200 billion francs of support and guarantees. Speaking at its general assembly last week, Vice Chairman Lukas Gaehwiler said that "all options are on the table" concerning Credit Suisse's domestic business. UBS and Credit Suisse declined to comment.

☆ Credit Suisse rescue package rejected by Swiss parliament
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

ZURICH, April 12 (Reuters) - Switzerland's parliament on Wednesday rejected a Credit Suisse rescue package that included 109 billion Swiss francs ($120.87 billion)in financial guarantees in a largely symbolic vote as the government commitment, made using emergency law, can not be overturned. Although parliament's upper house earlier on Wednesday retrospectively approved the measures, the lower house rejected them for the second time after already voting against them on Tuesday. ($1 = 0.9018 Swiss francs)Reporting by Noele Illien Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Swiss parliament seeks elusive compromise over Credit Suisse rescue
▼ + stars: | 2023-04-12 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

While the upper house approved the government's 109 billion Swiss franc ($120.82 billion) contribution to the rescue package, parliament's lower, and larger chamber, later rejected it. Seeking a compromise, the upper house passed changes to the measure on Wednesday morning, which the lower house will vote on later in the day. As they returned on Wednesday, the upper house passed changes, which include a proposal for Switzerland's federal government to draft an amendment to the country's Banking Act. Its aim would be to reduce the risks posed by systemically relevant banks, such as Credit Suisse and UBS for Switzerland, by, for example, raising capital requirements and restricting bonuses. A shotgun marriage which saw Credit Suisse taken over by rival UBS (UBSG.S) for 3 billion Swiss francs and propped up with more than 250 billion Swiss francs in guarantees and support has drawn widespread criticism.

The lower house retrospectively rejected the rescue near midnight, with heated debates continuing into the early hours of Wednesday morning as members discussed other measures related to Credit Suisse. Earlier on Tuesday, Switzerland's upper house had approved the rescue, meaning the two chambers of the legislative body will vote again on Wednesday. A poll of Swiss economists found that nearly half thought the takeover of Credit Suisse by UBS was not the best solution, warning the saga had dented Switzerland's reputation. Politicians also questioned why the Swiss financial regulator was unable to prevent Credit Suisse's failure. There are also growing worries about jobs and in an open letter to parliament, the Swiss Bank Employees' Association said that Credit Suisse and UBS must freeze any cuts.

SummarySummary Companies Swiss upper house approved Credit Suisse rescueFrustration in Switzerland over use of state fundsLawmakers have protested, but cannot overturn dealBERN, April 11 (Reuters) - Switzerland's upper house of parliament voted on Tuesday after a heated debate to approve retrospectively the 109 billion Swiss francs ($120.5 billion) in financial guarantees used to rescue Credit Suisse (CSGN.S) last month. But 29 of Switzerland's 46-member Council of States upper house approved the measure. "The use of emergency law has reached a level in the last three years that is beginning to annoy me," Hansjoerg Knecht, a member of Parliament's upper house, said. Politicians also questioned why the Swiss financial regulator was unable to prevent Credit Suisse's failure. Eva Herzog asked during a speech to the upper house.

SummarySummary Companies Swiss upper house lawmakers approve Credit Suisse rescueFrustration in Switzerland over use of state fundsLawmakers have protested but cannot overturn dealBERN, April 11 (Reuters) - Switzerland's upper house of parliament voted on Tuesday to retrospectively approve 109 billion Swiss francs ($120.5 billion) in financial guarantees used to rescue Credit Suisse (CSGN.S) after a heated debate. The Swiss parliament had recalled lawmakers for a rare extraordinary session to discuss the rapid rescue of Credit Suisse as well as the government's open chequebook response. A shotgun marriage which saw Credit Suisse taken over by Zurich-based rival UBS (UBSG.S) for 3 billion Swiss francs and propped up with more than 250 billion Swiss francs in guarantees and support has been the subject of widespread criticism. "The use of emergency law has reached a level in the last three years that is beginning to annoy me," said Hansjoerg Knecht, a member of Parliament's upper house. In an open letter to the country's parliament, the Swiss Bank Employees' Association said on Tuesday that Credit Suisse and UBS must freeze any job cuts.

☆ Swiss parliament's lower house rejects Credit Suisse rescue package
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: 1 min

BERN, April 12 (Reuters) - The lower house of Switzerland's parliament voted late on Tuesday to retrospectively reject the 109 billion Swiss francs of financial guarantees the government gave to Credit Suisse (CSGN.S) as part of a hastily cobbled-together rescue package. At an extraordinary government session called to discuss Credit Suisse's demise, 102 parliamentarians voted against the measure. Earlier on Tuesday, Switzerland's upper house voted in favor of the government guarantees. The votes are, however, largely symbolic as the state has committed the funds and lawmakers cannot overturn that decision. Reporting by Noele Illien; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

On Tuesday, they will meet in Bern for an extraordinary session to discuss Credit Suisse's downfall as well as the government's open chequebook response. In Tuesday's session, lawmakers will get a chance to challenge the rushed rescue package and discuss whether conditions can be imposed on Credit Suisse. Last week, Switzerland announced it was cutting bonus payments for Credit Suisse's top management. Credit Suisse's rescue angered not only politicians but many in Switzerland. In an open letter to the country's parliament, the Swiss Bank Employees' Association said on Tuesday that Credit Suisse and UBS must freeze any job cuts.

☆ Switzerland cuts bonus payouts for top Credit Suisse management
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

BERLIN, April 5 (Reuters) - Switzerland has instructed Credit Suisse (CSGN.S) to cancel or reduce all outstanding bonus payments for the top three levels of management and examine whether those already paid can be recovered, the Federal Council said on Wednesday. Under Swiss banking law, the Federal Council can impose bonus-related measures on a systemically important bank if it received state aid from federal funds, according to a statement. Bonus payments up to the end of 2022 will be cancelled for the Executive Board, and then halved for management one level below the board and reduced by 25% for those two levels below. The 2022 bonus pool for the Swiss bank's close to 50,000 employees had already gone down to 635 million Swiss francs from 2.76 billion, because of the drop in the bank's share price. At Credit Suisse's final annual general meeting held on Tuesday, shareholders took to the stage to voice their opposition to the pay Credit Suisse executives and board of directors received in the lead up to its demise.

☆ UBS tells investors 'Herculean' Credit Suisse takeover will pay off
▼ + stars: | 2023-04-05 | by ( Noele Illien | ) www.reuters.com time to read: +5 min

[1/3] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland, March 20, 2023. REUTERS/Denis Balibouse/File PhotoBASEL, April 5 (Reuters) - UBS (UBSG.S) executives sought to assure investors on Wednesday that Switzerland's largest bank can make its unexpected takeover of Swiss rival Credit Suisse (CSGN.S) work and pay off for its shareholders. "We believe the transaction is financially attractive for UBS shareholders," he said. Looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, UBS has already taken the first steps. "The acquisition of Credit Suisse will be a major challenge," Hamers said, while echoing the bank's chairman in highlighting new opportunities.

☆ UBS seeks to assure investors shotgun Credit Suisse takeover can pay off
▼ + stars: | 2023-04-05 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

[1/3] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland, March 20, 2023. "We believe the transaction is financially attractive for UBS shareholders," he said. The hastily arranged rescue, not only angered and unsettled both banks' shareholders, but also many in Switzerland. Looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, UBS has already taken the first steps. "The acquisition of Credit Suisse will be a major challenge," Hamers said, while echoing the bank's chairman in highlighting new opportunities.

☆ UBS Chairman addresses shareholders on milestone Credit Suisse takeover
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

[1/3] UBS Chairman Colm Kelleher speaks during the Annual General Meeting, two weeks after buying rival Swiss bank Credit Suisse, in Basel, Switzerland, April 5, 2023. REUTERS/Pierre AlbouyBASEL, April 5 (Reuters) - UBS's (UBSG.S) Chairman told the bank's annual shareholder meeting on Wednesday that the takeover of rival Credit Suisse (CSGN.S) was a significant milestone for Switzerland and for the global financial industry. Kelleher addressed shareholders for the fist time since the announcement of the takeover, urgently engineered and pushed through by the Swiss authorities last month. Outlining UBS's strategy, Kelleher said the Credit Suisse takeover would help the bank to deliver value to the Swiss economy and accelerate its strategic plans to expand its position as the leading wealth manager, particularly through growth in the United States and Asia. Reporting by Noele Illien Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ UBS faces investors after shotgun Credit Suisse takeover
▼ + stars: | 2023-04-05 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

Last month, Swiss authorities announced that UBS would buy Credit Suisse in a shotgun merger to stem further banking turmoil after the smaller lender had come to the brink of collapse. After a run on deposits, the Swiss government had turned to UBS, which agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion), while the Alpine state put up more than 200 billion francs of support and guarantees. Now, the bank is looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, without undermining its strengths. On Tuesday, Reuters also reported that the Bank of England had approved UBS' takeover of Credit Suisse in Britain, a key market for the Swiss lenders racing to close the rescue deal. UBS also secured a temporary green light from European Union antitrust regulators to complete its acquisition of Credit Suisse, but will still have to request clearance under EU merger rules, the European Commission said.

☆ UBS faces investors after shotgun Credit Suisse merger
▼ + stars: | 2023-04-05 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

ZURICH, April 5 (Reuters) - UBS (UBSG.S) will seek to reassure shareholders on Wednesday that its unexpected takeover of rival Credit Suisse (CSGN.S) in the biggest bank rescue since the great financial crash can work. Last month, Swiss authorities announced that UBS would buy Credit Suisse in a shotgun merger to stem further banking turmoil after the smaller lender had come to the brink of collapse. After a run on deposits, the Swiss government had turned to UBS, which agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion), while the Alpine state put up more than 200 billion francs of support and guarantees. Now, the bank is looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, without undermining its strengths. The bank's annual general meeting comes a day after executives at Credit Suisse faced their own shareholders and Chairman Axel Lehmann apologised for leading the bank to the verge of bankruptcy.

☆ 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.

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 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.

☆ Swiss authorities reveal cost of Credit Suisse's liquidity lifeline
▼ + stars: | 2023-03-30 | by ( Noele Illien | ) www.reuters.com time to read: +1 min

ZURICH, March 30 (Reuters) - Switzerland's authorities revealed the interest rates Credit Suisse (CSGN.S) and UBS (UBSG.S) will pay for the 250 billion Swiss franc ($273.31 billion) emergency lifeline the Swiss banks have been offered. Credit Suisse will pay an interest rate equal to the current Swiss National Bank's policy rate of 1.5% plus 0.5% for access to the emergency liquidity assistance (ELA) scheme, the central bank said on Thursday. In measures announced alongside the emergency takeover of Credit Suisse by rival UBS engineered by the authorities, the two banks were also given access to 100 billion francs in additional liquidity assistance (ELA+). This central bank assistance is available to the banks at an interest of 3% plus its policy rate. On top of this Credit Suisse owes Switzerland a 0.25% commitment premium for the public liquidity backstop.

☆ Swiss authorities reveal costs of Credit Suisse lifeline
▼ + stars: | 2023-03-30 | by ( Noele Illien | ) www.reuters.com time to read: +1 min

ZURICH, March 30 (Reuters) - Switzerland's 250 billion Swiss franc lifeline thrown to Credit Suisse (CSGN.S) and UBS (UBSG.S) could cost them more than 10 billion francs ($10.95 billion) in interest if used in full, Reuters calculations based on official data showed. Credit Suisse will pay an interest rate equal to the current Swiss National Bank's policy rate of 1.5% plus 0.5% for access to the emergency liquidity assistance (ELA) scheme, the central bank said on Thursday. This central bank assistance is available to the banks at an interest of 3% plus its policy rate. Credit Suisse was also given access to an additional 100 billion franc public liquidity backstop, for which it has to pay a 3% risk premium evenly split between the national bank and the Swiss state. On top of this Credit Suisse owes Switzerland a 0.25% commitment premium for the public liquidity backstop.

☆ VIEW Sergio Ermotti makes surprise comeback to lead UBS into new era
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

STORIES: read moreANDREAS VENDITTI, HEAD OF BANKS RESEARCH, BANK VONTOBEL"We welcome the appointment of Sergio Ermotti and believe that he is right person for the challenging task, given his experience of successfully transforming UBS after the Global Financial Crisis." In addition, UBS is already facing significant political pressure due to its large size and importance for the country. MICHAEL KLIEN, ANALYST, ZUERCHER KANTONALBANK"With this change of leadership, the bank is sending a clear signal that its focus is on the successful integration of Credit Suisse. With Ermotti, UBS is bringing on board a proven expert on the bank and an effective enforcer for the successful merger of the two banks. JERRY DEL MISSIER, CHIEF INVESTMENT OFFICER AT COPPER STREET CAPITAL AND FORMER CHIEF OPERATING OFFICER AT BARCLAYS"They needed to strengthen management.

☆ Sergio Ermotti makes surprise comeback to lead UBS into new era
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

STORIES: read moreASHLEY PITTARD, HEAD OF GLOBAL EQUITIES, PENDAL, SYDNEY: (A SHAREHOLDER)"Without a doubt, he is the right person for the job. "Sergio was in the trenches during and post the global financial crisis when UBS was in a lot of trouble. VICTORIA SCHOLAR, HEAD OF INVESTMENT, INTERACTIVE INVESTOR, LONDON"Having steered UBS through the aftermath of the 2008 GFC and a rogue-trading scandal, Ermotti is a dab hand at crisis management. He also helped UBS to navigate through the onset of the pandemic and the corresponding market volatility during most of 2020. With Ermotti, UBS is bringing on board a proven expert on the bank and an effective enforcer for the successful merger of the two banks.

☆ "We did not buy Credit Suisse only to close it" - UBS CEO
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: 1 min

ZURICH, March 27 (Reuters) - UBS's (UBSG.S) CEO Ralph Hamers on Monday said the Swiss bank sees its government-orchestrated takeover of Credit Suisse (CSGN.S) as a growth opportunity, in an internal memo seen by Reuters. "While we did not seek this transaction, we were prepared, and we see it as an opportunity to accelerate our firm’s growth story," Hamers wrote. "We did not buy Credit Suisse only to close it." Reporting by Noele Illien; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

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