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☆ Swiss Hospitality School Closes After Measles Outbreak
▼ + stars: | 2024-02-03 | by ( Feb. | At A.M. | ) www.usnews.com time to read: 1 min

ZURICH (Reuters) - Switzerland's famed hospitality management school, Ecole Hotelier de Lausanne (EHL), closed its campus in Lausanne on Saturday after cases of measles were discovered among students. "We have been compelled to close the Lausanne campus from Feb. 3 to Feb. 18 inclusive," the school said in a statement posted to its website. The campus is scheduled to reopen on Feb. 19. The university did not reveal how many students were infected by measles, but said they are currently isolated and recovering under medical care. Founded in 1893, EHL has been ranked the number one hospitality management school for the past five years by QS World University Ranking.

Persons: EHL, Noele Illien, Toby Chopra Organizations: Ecole, de Lausanne, QS World Locations: ZURICH, Lausanne

☆ Swiss Banque Pictet pays $123 mln for helping clients evade US taxes
▼ + stars: | 2023-12-04 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

According to prosecutors, U.S. taxpayers with Pictet accounts in Switzerland and elsewhere evaded about $50.6 million in taxes between 2008 and 2014. As part of the agreement, Banque Pictet agreed to pay $122.9 million to the U.S. Treasury. As part of the agreement, Pictet, which oversees 632 billion Swiss francs ($724 billion) in client assets, will implement remedial measures and cooperate with the authorities' investigation. U.S. authorities have long accused Swiss banks of helping wealthy Americans evade taxes, and Pictet signalled it had been in contact with the U.S. for more than a decade. Credit Suisse in 2014 agreed to pay a $2.5 billion fine for helping Americans evade taxes in a conspiracy that spanned decades.

Persons: Andrew Kelly, Banque Pictet, Jim Lee, Pictet, Julius Baer, Renaud de Planta, Marc Pictet, Luc Cohen, Noele, Jan Harvey, Bill Berkrot, Christina Fincher Organizations: Internal Revenue Service, Washington , D.C, REUTERS, Banque Pictet, Justice Department, Banque, U.S . Treasury, U.S, Credit Suisse, UBS, Prosecutors, Noele Illien, Thomson Locations: Washington ,, Swiss, Switzerland, Pictet, New York, Zurich

The logo of Swiss drugmaker Roche is seen at its headquarters in Basel, Switzerland January 30, 2020. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Dec 4 (Reuters) - Roche (ROG.S) agreed to take over obesity drug developer Carmot Therapeutics (CRMO.O) for $2.7 billion, joining a list global contestants seeking to challenge the dominant makers of weight-loss drugs Novo Nordisk (NOVOb.CO) and Eli Lilly. After encouraging Phase I trial results, the drug is ready to be tested on humans in the second of three trial stages, Roche added. Among recent deals to acquire obesity drug development projects, AstraZeneca (AZN.L) last month agreed to pay up to $2 billion for the rights to an experimental pill from China's Eccogene. Roche will obtain access to Carmot's current R&D portfolio including all clinical and preclinical assets.

Persons: drugmaker Roche, Arnd, ROG.S, Eli Lilly, Swiss drugmaker, Roche, . New Roche, Thomas Schinecker, Ludwig Burger, Noel Illien, Rachel More, Louise Heavens Organizations: REUTERS, Rights, Carmot Therapeutics, Novo Nordisk, AstraZeneca, Pfizer, Thomson Locations: Basel, Switzerland, Swiss, ., Alzheimer's

☆ Julius Baer declines to confirm Signa exposure
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 29 (Reuters) - Julius Baer's Chief Executive declined to confirm on Wednesday whether the private bank's 606 million Swiss franc ($693 million) exposure it disclosed earlier this week is to toppled property giant Signa. The CEO said it was too early to say what specific lessons could be learned relating to the large exposure in its private debt business. Troubled property group Signa, which owns scores of high-profile projects and department stores, declared insolvency on Wednesday. Signa, controlled by an Austrian magnate, has borrowed heavily from banks including Julius Baer, which on Monday disclosed it had an exposure of more than 600 million Swiss francs, the largest in its private debt loan book, to a European conglomerate. "I believe Julius Baer will be able to continue its risk appetite and its risk capacity as we have on average in the last few years."

Persons: Julius Baer's, Philipp Rickenbacher, Julius Baer, Rickenbacher, Noele Illien, Elaine Hardcastle, Tomasz Janowski Organizations: Financial Times, Global Banking, Thomson Locations: ZURICH, Austrian

☆ Global bank ranking removes Unicredit and moves up UBS, China banks
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

Unicredit Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsZURICH, Nov 27 (Reuters) - The Financial Stability Board (FSB) on Monday removed Italy's UniCredit (CRDI.MI) from the list of global systemically important banks and moved three banks, including Switzerland's UBS (UBSG.S), up a bucket. UniCredit, which was the only lender in Italy among those deemed as being of global systemic importance by the FSB, had no comment. UBS moved up a bucket after earlier this year taking over Credit Suisse in the first merger of two systemically important banks. Agricultural Bank of China and China Construction Bank also moved up from bucket 1 to bucket 2.

Persons: Dado Ruvic, Italy's, Noele Illien, Giulio Piovaccari, Louise Heavens, Sharon Singleton Organizations: REUTERS, Rights, UBS, UniCredit, Credit Suisse, China's Bank of Communications, Agricultural Bank of, China Construction Bank, Thomson Locations: Italy, Agricultural Bank of China

☆ Baer says exposure to single group tops 600 mln francs as Signa crisis deepens
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. Julius Baer has exposure to troubled property group Signa, a source close to the matter told Reuters, adding that Julius Baer was expected to write down some of those loans. "If and when appropriate, the Group will remain prudent in booking further valuation adjustments as required," Julius Baer said. Last week Baer's shares slumped to their lowest this year as the bank dampened profit expectations after loan provisions amounting to 82 million Swiss francs. Of the 82 million francs, 70 million francs were booked against its credit portfolio after Oct. 31, 2023, without identifying the loans in question.

Persons: Julius Baer, Arnd, Philipp Rickenbacher, Andreas Venditti, Noele Illien, Rachel More, Kim Coghill Organizations: REUTERS, Rights, Thomson Locations: Zurich, Switzerland, Swiss

☆ Switzerland to bid for 2030 or 2034 Winter Games
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +3 min

[1/2] A view shows the Olympic Rings in front of the Olympic House, headquarters of the International Olympic Committee (IOC), during the executive board meeting of the International Olympic Committee (IOC), in Lausanne, Switzerland, March 28, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsGENEVA, Nov 24 (Reuters) - Switzerland on Friday announced it would bid for either the 2030 or 2034 Winter Olympic and Paralympic Games, which would be the third time the Alpine country has hosted the event. Japan's northern city of Sapporo last month dropped its bid for the 2030 Winter Olympics and said it would consider hosting the Games in 2034 or in subsequent years. According to studies by the IOC's future host commission for Winter Games, only 10 nations would be able to host the snow sports of the Olympic Winter and Paralympic Games by 2040. Switzerland - which hosted the Winter Olympic Games in St. Moritz in 1928 and 1948 - has struggled in recent years to get its population behind its Olympic bids.

Persons: Denis Balibouse, Jurg Stahl, Urs Lehmann, Moritz, Gabrielle Tétrault, Farber, Noele, Toby Davis Organizations: Rings, Olympic House, International Olympic Committee, REUTERS, Rights, Paralympic Games, Swiss Olympic Association, Olympic, IOC, Swiss, Swiss Ski Association, Games, Winter Games, Swiss Olympic, Cortina d'Ampezzo, Thomson Locations: Lausanne, Switzerland, Salt Lake City, United States, Sweden, France, Japan's, Sapporo, St, Milan

☆ UBS CEO says private buyer preferred outcome in case of rescue
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 22 (Reuters) - UBS is one of the world’s safest large institutions, the Swiss bank's CEO said while speaking at a Swiss Risk Association event on Wednesday. "Even in the unlikely event of something going wrong at UBS, we have enough cushion before even speaking about a resolution of the bank and its very unlikely risk of a loss for the taxpayer," Sergio Ermotti said. Would UBS need to be rescued, Ermotti said a private buyer would continue to be preferable. The head of Switzerland's largest bank also advocated for certain regulatory improvements including strengthening the tools for early intervention by supervisors. Reporting by Noele Illien; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Ermotti, Ermotti, Noele, Jonathan Oatis Organizations: UBS, Swiss, Swiss Risk, Thomson Locations: ZURICH, Switzerland

☆ Julius Baer lowers profit expectations as credit provisions rise
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Nov 20 (Reuters) - Julius Baer (BAER.S) on Monday dampened profit expectations after it booked valuation adjustments of 82 million Swiss francs ($92.6 million). The Swiss bank said that of the 82 million francs in valuation adjustments, 70 million francs were booked against the group's credit portfolio after Oct. 31, 2023. Analysts at Zuercher Kantonalbank had expected 15 billion francs, with Baer having already reported inflows of 7 billion francs for the first half of 2023. Assets under management rose 3% to 435 billion francs during the period, driven mainly by inflows and the strength of the global equity market.

Persons: Julius Baer, Arnd, Baer, Rene Benko, Andreas Venditti, Zuercher Kantonalbank, Noele, Miranda Murray, Christopher Cushing, David Goodman Organizations: REUTERS, Rights, Signa, Reuters, Analysts, Thomson Locations: Zurich, Switzerland, Swiss, Zuercher

☆ EFG shares jump 3% following record profitability
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The logo of EFG International bank is seen at its headquarters in Zurich, Switzerland February 28, 2018. The bank's share price has risen more than 11% this year, and hit a year-high of 10.98 Swiss francs on Nov. 1. This is on top of its existing commitment to repurchase up to 6 million shares by Sept. 11, 2024 . At 144.1 billion Swiss francs, assets under management were only slightly higher than the 143.1 billion francs at the end of 2022. According to EFG, the growth in net new assets was largely offset by negative currency effects.

Persons: Arnd, Giorgio Pradelli, Zuercher, Michael Klien, EFG, Noele Illien, Sharon Singleton Organizations: International, REUTERS, Rights, EFG, Thomson Locations: Zurich, Switzerland, Swiss

☆ UBS CEO: confident it will win back some of Credit Suisse business
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: 1 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsZURICH, Nov 16 (Reuters) - UBS (UBSG.S) chief executive Sergio Ermotti voiced optimism on Thursday that the Swiss bank will be able to attract some of the assets that have left Credit Suisse, its former rival it has taken over earlier this year. "I am pretty confident that we will continue to see some good winbacks from assets that left Credit Suisse," Ermotti told a conference organised by the Swiss Finance Institute. He also said he did not expect Credit Suisse's integration to extend beyond 2026. Reporting by Noele Illien Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Sergio Ermotti, Ermotti, Noele, Tomasz Janowski Organizations: Credit Suisse, UBS, REUTERS, Rights, Swiss Finance Institute, Thomson Locations: Zurich Switzerland, Swiss

A UBS logo is seen next to Credit Suisse at the Bahnhofstrasse before a news conference of Swiss bank UBS in Zurich Switzerland, August 30, 2023. The court, which also upheld the guilty verdict against the bank, said a new trial would need to take place at the Paris appeals court to determine a new fine, if any. UBS's shares, which were already up on the day, spiked as much as 3% more after news broke that the 1.8 billion-euro fine was struck down. The decision by the Cour de Cassation, France's highest judicial court, means the guilty verdict on UBS is final. France's top court reviewed whether the Paris appeals court ruling had complied with the law, not the facts that underpinned its decision.

Persons: Denis Balibouse, UBS's, " Keefe, Woods, Tassilo Hummel, Mathieu Rosemain, Stefania Spezzati, Silvia Aloisi, Mark Potter Organizations: UBS, Credit Suisse, Swiss, REUTERS, of, Cassation, Thomson Locations: Zurich Switzerland, Paris, PARIS, Cour, Swiss, France, United States, Mozambique

☆ SNB's Jordan does not rule out further rate hikes
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Nov 14 (Reuters) - The Chairman of Switzerland's National Bank on Tuesday said the central bank was not ruling out further rate hikes. "If we see that the current monetary policy is not restrictive enough to ensure price stability in the long term, then we will have to make another interest rate move," Thomas Jordan said in an interview with local television station TeleZueri. Reporting by Noele Illien; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Jordan, Noele, Matthias Williams Organizations: Switzerland's National Bank, Thomson Locations: ZURICH

☆ SNB 'will not hesitate' to tighten monetary policy further-chairman
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

Thus, we will not hesitate to tighten monetary policy further if necessary," Jordan said at a central bank conference in Zurich. With inflation rates lower and interest rates higher than they were a year ago, Jordan said it has become considerably more difficult to balance the risk of tightening monetary policy too much against the risk of tightening it too little. "Given the high uncertainty regarding the economic outlook, there is no clearly mapped-out path for monetary policy in the near future," Jordan said. In September the SNB held its policy interest rate unchanged at 1.75%, noting that inflation has ebbed lower in Switzerland, but said a further tightening cannot be ruled out. Reporting by Noele Illien Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Jordan, Jordan, Noele, Tomasz Janowski Organizations: Swiss National Bank, Thomson Locations: ZURICH, Zurich, Switzerland

The logo of Swiss Financial Market Supervisory Authority FINMA is seen outside their headquarters in Bern, Switzerland April 5, 2016. We want reform so that we don't end up in the same mess again as we had with Credit Suisse." Earlier this year, Switzerland's financial regulator deflected blame for the collapse of the country's second-biggest bank saying it had been quick to respond, calling instead for more powers to take lenders to task. The regulator, however, has enjoyed little support among Swiss politicians, many of whom long sought to keep it weak. In the run up to the collapse of Credit Suisse, FINMA saw a string of key departures.

Persons: Ruben Sprich, Eva Herzog, Herzog, FINMA, Noele Illien, Sharon Singleton Organizations: Swiss Financial Market, Authority, REUTERS, UBS Group, Credit Suisse, Swiss, UBS, International Monetary Fund, Thomson Locations: Bern, Switzerland, Europe, Swiss

☆ UBS CEO: AT1 sale a sign of confidence in Swiss financial system
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 9 (Reuters) - UBS's Chief Executive said the Swiss bank's ability to raise $3.5 billion from the issuance of its first Additional Tier 1 (AT1) bond sale since taking over Credit Suisse was a sign of confidence for UBS and the Swiss financial system. "People are slowly but surely recognising that that event in March was an idiosyncratic event," Sergio Ermotti said speaking at the Bloomberg New Economy Forum in Singapore on Thursday. The shotgun merger between the two banks had seen Credit Suisse's $17 billion of AT1 bonds wiped out. An AT1 rout that followed had raised concern about the future of an asset introduced after the 2008 financial crisis to act as shock absorbers if bank capital levels fell below a certain threshold. "People understand that the AT1 is a very important element of our capital stack and we have the credibility to continue to use it," Ermotti said.

Persons: Sergio Ermotti, Ermotti, Noele Organizations: Credit Suisse, UBS, Bloomberg, Economy, Thomson Locations: ZURICH, Swiss, Singapore

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The state-engineered merger led to a wipeout of $17 billion of Credit Suisse's AT1 bonds. "Their structure is very new and shows they listened to investors who were angry about the permanent write-down feature," said Jerome Legras, head of research at Axiom Alternative Investments, who held Credit Suisse AT1 bonds before the March banking crisis. The Credit Suisse AT1s wipeout spurned a number of claims against Switzerland's financial regulator FINMA, which inverted the long-established seniority of bondholders over shareholders over the assets of a company in distress. That dented sentiment in the key market for bank bonds and prompted regulators in Europe and Asia to reassure investors.

Persons: Denis Balibouse, Jerome Legras, Joost Beaumont, March's writedown, Noele Illien, Dhara Ranasinghe, Elaine Hardcastle, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, CS, AT1s, ZURICH, P Global, Suisse, ABN AMRO, Singapore, Thomson Locations: Zurich Switzerland, Swiss, Switzerland's, Europe, Asia

☆ UBS dragged into the red with Credit Suisse takeover
▼ + stars: | 2023-11-07 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

ZURICH, Nov 7 (Reuters) - UBS Group (UBSG.S) posted a $785 million loss in the third quarter after expenses tied to the Swiss bank's takeover of Credit Suisse while signalling that its core wealth business is stabilising. Stripping out the impact of the takeover, UBS made an underlying profit of $844 million. With the takeover, UBS now oversees more than $5 trillion in assets. It has been working to recover from the exodus of client funds from Credit Suisse with above-market rates on deposits. It also continued to cut staff, which accounted for a big chunk of the more than 2 billion Swiss francs ($2.22 billion) of costs related to integration.

Persons: Sergio Ermotti, Goldman Sachs, Colm Kelleher, Noele Illien, John O'Donnell, Christopher Cushing Organizations: UBS, Credit Suisse, Goldman, Thomson Locations: ZURICH, Swiss, Switzerland, Zurich

☆ UBS dragged into the red by Credit Suisse takeover but inflows cheer
▼ + stars: | 2023-11-07 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

ZURICH, Nov 7 (Reuters) - UBS Group (UBSG.S) reported a $785 million loss in the third quarter after expenses tied to the Swiss bank's takeover of Credit Suisse while signalling that its core wealth business is stabilising. "We are executing on the integration of Credit Suisse at pace and have delivered underlying profitability for the group in the first full quarter since the acquisition," said Chief Executive Sergio Ermotti. Analysts at Goldman Sachs had expected $14 billion for the group, with the Swiss bank already disclosing $8 billion for the months of July and August. It has been working to recover from the exodus of client funds from Credit Suisse with above-market rates on deposits. UBS has continued to cut staff, which accounted for a big chunk of the more than 2 billion Swiss francs ($2.22 billion) of costs related to integration.

Persons: Sergio Ermotti, Goldman Sachs, Andreas Venditti, Colm Kelleher, Noele Illien, John O'Donnell, Christopher Cushing, Tomasz Janowski Organizations: UBS, Credit Suisse, Goldman, Thomson Locations: ZURICH, Swiss, Zurich, Switzerland

☆ ABB flags slowdown in fourth-quarter revenue, shares slide
▼ + stars: | 2023-10-18 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

The logo of Swiss power technology and automation group ABB is seen during the company's annual news conference in Zurich, Switzerland February 28, 2019. ABB said it anticipated low- to mid-single digit comparable revenue growth in the fourth quarter after reporting a comparable 11% increase in the third quarter. "Orders in China declined at a low single-digit comparable growth rate particularly hampered by weakness in robotics and construction demand," said Chief Executive Bjorn Rosengren in a statement. For the full year 2023, the group said it expected comparable revenue growth to be in the low double-digit percentage range, and an operational margin to be in the range of 16.5% to 17.0%. Previously it had said it expected revenue growth of at least 10% and an operational margin above 16%.

Persons: Arnd, France's Schneider, ABB's, Bjorn Rosengren, Noele Illien, Rachel More, Tomasz Janowski Organizations: ABB, REUTERS, Rights, Germany's Siemens, Thomson Locations: Swiss, Zurich, Switzerland, China, United States, India, Asia, Europe

☆ UBS halts Middle East travel for staff
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: 1 min

A logo of Swiss bank UBS is seen in Zurich, Switzerland March 29, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsZURICH, Oct 11 (Reuters) - UBS (UBSG.S) has told its employees to stop business travel within the Middle East, in light of a deepening conflict between Israel and Hamas, a source told Reuters on Wednesday. "Out of an abundance of caution, we are postponing all business travel and events in the Middle East for the foreseeable future as we seek to ensure the safety and security of our clients and employees," a person familiar with the matter said. UBS has also postponed a wealth management event, scheduled to take place in Qatar later this month, as first reported by Bloomberg. Reporting by Noele Illien and Oliver Hirt; Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Noele Illien, Oliver Hirt, Louise Heavens Organizations: Swiss, UBS, REUTERS, Rights, Hamas, Reuters, Bloomberg, Thomson Locations: Zurich, Switzerland, Israel, Qatar

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The analyst said higher deposit rates were potentially being used to limit outflows at Credit Suisse and had been weighing on the bank's ability to bolster revenue. Credit Suisse reported net asset outflows of 39 billion francs in the second quarter. However, UBS said the outflows had slowed down and reversed in June, with Credit Suisse reporting net deposit inflows of $18 billion in the second quarter. UBS's Chief Executive Sergio Ermotti has said he aims to get back the Credit Suisse assets.

Persons: Denis Balibouse, Kian Abouhossein, Abouhossein, Sergio Ermotti, Ermotti, Noele Illien, Stefania Spezzati, Oliver Hirt, Elisa Martinuzzi, Mark Potter Organizations: Credit Suisse, UBS, REUTERS, Rights, Suisse, JPMorgan, UBS's, Thomson Locations: Zurich Switzerland, Raiffeisen, Switzerland

☆ Novartis' Sandoz valued at $11.2 bln in market debut
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

A sign marks the Novartis Institutes for BioMedical Research facility in Cambridge, Massachusetts, U.S., June 16, 2021. REUTERS/Brian Snyder/File Photo Acquire Licensing RightsOct 4 (Reuters) - Sandoz (SDZ.S) made its market debut with a lower-than-expected valuation of 10.3 billion Swiss francs ($11.2 billion) on Wednesday, after the generic and biosimilar drugmaker was spun off from Swiss pharmaceutical company Novartis (NOVN.S). Deutsche Bank had said Sandoz, which accounted for 11% of Novartis' group operating profit in 2022, would likely be valued at $11-$13 billion, while brokerage Berenberg had forecast $17-$26 billion. The shares, which opened at 24 Swiss francs, became members of the Swiss Performance Index and the Swiss Leader Index, among other stock market gauges, and American depositary receipts also started trading on Wednesday. Novartis shareholders received one Sandoz share for every five Novartis shares they held as part of the transaction.

Persons: Brian Snyder, drugmaker, Sandoz, Berenberg, Vas Narasimhan, Ludwig Burger, Tristan Veyet, Clarence Fernandez, Mark Potter Organizations: Novartis, Research, REUTERS, Sandoz, Analysts, Deutsche Bank, Swiss, Thomson Locations: Cambridge , Massachusetts, U.S, Swiss, generics

☆ Credit Suisse, Mozambique reach out-of-court 'tuna bond' settlement
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +1 min

The logo of Credit Suisse is seen outside its office building in Hong Kong, China, August 8, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsZURICH, Oct 1 (Reuters) - Credit Suisse has reached an 11th-hour out-of-court settlement with Mozambique over the $1.5 billion-plus "tuna bond" scandal, the Swiss bank's new owner UBS (UBSG.S) said on Sunday, drawing a line under a damaging dispute it inherited. "The parties have mutually released each other from any liabilities and claims relating to the transactions," UBS said. The tuna bond case dates back to three deals between state-owned Mozambican companies and shipbuilder Privinvest - funded in part by loans and bonds from Credit Suisse and backed by undisclosed Mozambican government guarantees. UBS, which rescued scandal-scarred Credit Suisse amid turmoil in the global banking sector earlier this year, has a financial buffer of as much as $10 billion for litigation, JPMorgan analysts estimated in a note to clients on Wednesday.

Persons: Tyrone Siu, corruptly, Noele Illien, Kirsten Donovan Organizations: Credit Suisse, REUTERS, Rights, UBS, Privinvest, JPMorgan, Thomson Locations: Hong Kong, China, Mozambique, Swiss, London, Mozambican

☆ UBS says 'not aware' of DOJ probe into sanctions-related compliance failures
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsZURICH, Sept 30 (Reuters) - UBS (UBSG.S) on Saturday said it is "not aware" of a probe by the U.S. Department of Justice into alleged sanctions-related compliance failures, following a media report earlier this week. "We're not aware of such a probe," UBS said in a statement. On Wednesday Bloomberg reported that a full-scale investigation by the U.S. Department of Justice was underway into alleged compliance failures that helped Russian clients evade sanctions. Citing unnamed people familiar with the matter, Bloomberg reported that the DOJ had spoken to U.S.-based lawyers for UBS about Credit Suisse's alleged exposure to sanctions violations since UBS acquired its smaller rival in June. The DOJ is also looking into possible compliance failures at UBS, one of the people cited by Bloomberg said.

Persons: Denis Balibouse, We're, Noele Illien, David Holmes Organizations: Swiss, UBS, REUTERS, Rights, U.S . Department of Justice, CS, Wednesday Bloomberg, Justice, Reuters, Trading, Bloomberg, DOJ, Credit, Thomson Locations: Zurich, Switzerland, Russia

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