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☆ Saudi National Bank loses over $1 billion on Credit Suisse investment
  + stars: | 2023-03-20 | by ( Natasha Turak | ) www.cnbc.com   time to read: +1 min
Signage for Credit Suisse Group AG outside a building, which houses the company's branch, in Tokyo, Japan, on Monday, March 20, 2023. UBS Group AG agreed to buy Credit Suisse Group in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets. Saudi National Bank — Credit Suisse's largest shareholder — confirmed to CNBC Monday that it had been hit with a loss of around 80% on its investment. The Riyadh-based bank holds a 9.9% stake in Credit Suisse, having invested 1.4 billion Swiss francs ($1.5 billion) in the 167-year-old Swiss lender in November of last year, at 3.82 Swiss francs per share. Under the terms of the rescue deal, UBS is paying Credit Suisse shareholders 0.76 Swiss francs per share.
☆ '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.
☆ Saudi National Bank strategy unaffected by hit to Credit Suisse investment
  + stars: | 2023-03-20 | by ( ) www.reuters.com   time to read: +1 min
DUBAI, March 20 (Reuters) - Saudi National Bank's (1180.SE) growth strategy will be unaffected by the reduced valuation on its investment in Credit Suisse after the Swiss bank was taken over by domestic rival UBS (UBSG.S) on Sunday. "Changes in the valuation of SNB’s investment in Credit Suisse have no impact on SNB’s growth plans and forward looking 2023 guidance," Saudi National Bank said in a bourse filing on Monday. Saudi National Bank's statement added that the potential impact to its capital adequacy ratio is about 35 basis points, with no impact on profitability. Investment in Credit Suisse formed less than 0.5% of the Saudi lender's total assets of more than 945 billion riyals as of last December. Saudi National Bank's chairman last week said the bank was not looking at any international acquisitions and was instead focused on growth in the Saudi market.
☆ Credit Suisse's $3.2 billion cut-price sale signals an ongoing crisis that could expose unicorn fintechs
  + stars: | 2023-03-20 | by ( Hasan Chowdhury | ) www.businessinsider.com   time to read: +5 min
The firesale of Credit Suisse to UBS is putting the banking world on high alert. A $54 billion loan from the Swiss National Bank wasn't enough to keep Credit Suisse afloat, and UBS stepped in. Credit Suisse suffered idiosyncratic problems, such as a spying scandal involving former CEO Tidjane Thiam, as well as crises relating to its relationships with hedge fund Archegos Capital and financial group Greensill Capital. "There's already a lot of soul searching about what fintech business models are," says Paul Rolles, an ex-Morgan Stanley managing director and cofounder of money-management service HyperJar. Rolles believes the banking issues of the past couple of weeks are as much about confidence as intrinsic issues.
☆ Treasury yields decline as investors weigh UBS’ takeover of Credit Suisse
  + stars: | 2023-03-20 | by ( Sophie Kiderlin | ) www.cnbc.com   time to read: +2 min
ET, the yield on the 10-year Treasury was down by over six basis points to 3.3319%. U.S. Treasury yields fell on Monday as investors considered the stability of the banking sector after Swiss bank UBS agreed to buy its rival Credit Suisse. Over the weekend, the Swiss National Bank, the Swiss Financial Market Supervisory Authority and the Swiss government worked on the takeover of Credit Suisse by UBS, the two largest Swiss banks. As part of the deal, the Swiss National Bank and Swiss government also announced they would take measures to support the deal, including a loan of up to 100 billion Swiss francs ($108 billion). Last week, Credit Suisse's biggest investor, the Saudi National Bank, said it could no longer support the Swiss bank financially.
☆ Bitcoin market gains $26 billion after hitting 9-month high as banking crisis sparks rally
  + stars: | 2023-03-20 | by ( Arjun Kharpal | ) www.cnbc.com   time to read: +3 min
ET Monday, the value of all the bitcoin in circulation gained around $26 billion. Bitcoin jumped on Monday as some investors turned to digital currencies amid a crisis in the traditional banking sector. The rally in bitcoin comes amid turmoil in the global banking sector which was sparked by the collapse of Silicon Valley Bank in the U.S. On Sunday, UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.2 billion) in a deal partly brokered by the Swiss regulators looking to stem contagion across the global banking sector. Other cryptocurrencies are not seen as "digital gold" by proponents in the same way that bitcoin is.
☆ UBS offers up to $1 billion to rescue Credit Suisse, report says
  + stars: | 2023-03-19 | by ( Jyoti Mann | ) www.businessinsider.com   time to read: +2 min
UBS is offering to pay up to $1 billion to buy Credit Suisse, the Financial Times reported. UBS has been in talks this weekend about buying some or all of its troubled Swiss rival. UBS was considering whether to acquire part or all of Credit Suisse on Friday, the FT first reported. The Swiss National Bank and Swiss regulators helped arrange the talks in a bid to boost confidence in the country's banks, it said. Shares in Credit Suisse fell dropped 24% on Wednesday after its largest shareholder, Saudi National Bank, warned it wouldn't be able to invest more cash in the bank because of regulatory hurdles.
☆ Credit Suisse faces fateful weekend. Will UBS step up with a rescue bid?
  + stars: | 2023-03-18 | by ( Mark Thompson | ) edition.cnn.com   time to read: +3 min
London CNN —The fate of Credit Suisse could be decided in the next 36 hours after a torrid week for Switzerland’s second biggest bank. But by Friday, analysts were speculating that a full-blown rescue would be needed, and reports began to swirl of a possible takeover by its biggest Swiss rival, UBS (UBS). The FT said the boards of UBS and Credit Suisse were expected to meet separately over the weekend. Credit Suisse and UBS both declined to comment to Reuters. “BlackRock is not participating in any plans to acquire all or any part of Credit Suisse, and has no interest in doing so,” a BlackRock spokesperson told CNN.
☆ BlackRock denies report that it's preparing a takeover bid for Credit Suisse
  + stars: | 2023-03-18 | by ( Katrina Bishop | ) www.cnbc.com   time to read: +2 min
BlackRock headquarters in New York, US, on Friday, Jan. 13, 2023. via Getty ImagesBlackRock has denied a report that it is preparing a takeover bid for embattled Swiss lender Credit Suisse . "BlackRock is not participating in any plans to acquire all or any part of Credit Suisse, and has no interest in doing so," a company spokesperson told CNBC Saturday morning. Its future looks to be hanging in the balance after a multibillion-dollar lifeline offered by the Swiss central bank last week failed to calm investors. Credit Suisse was already in the midst of a massive strategic overhaul aimed at restoring stability and profitability. The default at hedge fund Archegos Capital not long after led to another $5.5 billion loss for the Swiss investment bank.
☆ Exclusive: Credit Suisse to hold internal talks this weekend on scenarios for bank -sources
  + stars: | 2023-03-17 | by ( Stefania Spezzati Oliver Hirt | Stefania Spezzati | Oliver Hirt | ) www.reuters.com   time to read: +3 min
Executives will run through the numbers and formulate scenarios that might reshape Credit Suisse's future, the sources added. Credit Suisse declined to comment. Among possible scenarios, analysts, bankers and investors speculate that Credit Suisse could sell or wind down some of its existing businesses with a break-up potentially on the cards. The sell-off in Credit Suisse's shares began in 2021, triggered by losses associated with the collapse of investment fund Archegos and Greensill Capital. In December, Credit Suisse had tapped investors for 4 billion Swiss francs.
☆ Credit Suisse managed funds' net outflows top $450 mln -Morningstar
  + stars: | 2023-03-17 | by ( Nell Mackenzie | ) www.reuters.com   time to read: +2 min
SummarySummary Companies Net outflows seen March 14,15Data for March 16 yet to compiled -MorningstarLONDON, March 17 (Reuters) - Credit Suisse <CSGN.S> saw more than $450 million in net outflows from its U.S. and European managed funds from March 13 to 15, Morningstar Direct said on Friday, as retail and institutional counterparties pulled money out of funds managed by the embattled Swiss lender. The more than 300 European funds managed by the bank had an estimated net inflow of just over $14 million on March 13. By March 14 that had flipped to net outflows of $205 million, data provider Morningstar said. On March 15 there were net outflows of just over $211 million, it said. More than 20 U.S. funds tracked showed a $22,000 net outflow on March 13 which widened to $20 million the next day and to $29 million on March 15, Morningstar said.
☆ 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.
☆ UBS could buy troubled Credit Suisse, FT reports
  + stars: | 2023-03-17 | by ( Samantha Delouya | ) www.businessinsider.com   time to read: +2 min
UBS is in talks to acquire all or part of Credit Suisse, the Financial Times reports. The talks come after a harrowing week for Credit Suisse, which saw its stock fall to an all-time low. According to a report in the Financial Times, which cites multiple people briefed on the talks, UBS is weighing whether to acquire all or part of Credit Suisse. UBS declined to provide a comment, while Credit Suisse could not be immediately reached for comment. On Thursday, after shares of Credit Suisse hit an all-time low, the troubled bank said it had secured a $50 billion lifeline from the Suisse National Bank.
☆ Credit Suisse sheds another 5% as traders digest emergency liquidity
  + stars: | 2023-03-17 | by ( Elliot Smith | ) www.cnbc.com   time to read: +1 min
Credit Suisse shares fell 5% in early trade Friday, after soaring over the previous session as the embattled lender said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The shares pared some losses to trade 3.4% lower by 10 a.m. London time. This week's intervention by Swiss authorities, who also reaffirmed that Credit Suisse met the capital and liquidity requirements imposed on "systemically important banks," prompted shares to jump more than 18% on Thursday after closing at an all-time low on Wednesday. Credit Suisse also offered to buy back around 3 billion francs' worth of debt, relating to 10 U.S. dollar-denominated senior debt securities and four euro-denominated senior debt securities. The slide to Wednesday's low came after top investor the Saudi National Bank revealed it would not provide the bank with any more cash due to regulatory requirements, compounding a downward spiral in Credit Suisse's share price that began with the delay of its annual results over financial reporting concerns.
☆ Credit Suisse CEO said bank's liquidity basis is "very very strong"
  + stars: | 2023-03-16 | by ( ) www.reuters.com   time to read: +1 min
ZURICH, March 15 (Reuters) - Credit Suisse (CSGN.S) Chief Executive Ulrich Koerner spoke of the strength of the Swiss lender's liquidity basis in an interview with CNA on Wednesday, after its share price dropped more than 30% following comments by the company's lead investor. "Our capital, our liquidity basis is very very strong," Koerner said. Earlier, Credit Suisse's largest shareholder, Saudi National Bank (1180.SE), said it would not buy more shares in the Swiss bank on regulatory grounds. A 30% drop in Credit Suisse shares triggered a 6% plus fall in the European banking index (.SX7P), while five-year credit default swaps (CDS) for the flagship Swiss bank hit a new record high, highlighting increasing investor concerns. Reporting by Noele Illien; editing by Dhara Ranasinghe and Amanda CooperOur Standards: The Thomson Reuters Trust Principles.
☆ European markets set to rally after Swiss central bank steps in to help Credit Suisse
  + stars: | 2023-03-16 | by ( Holly Ellyatt | ) www.cnbc.com   time to read: +1 min
The chairman of Credit Suisse's largest shareholder, Saudi National Bank, told CNBC's Hadley Gamble that the recent market turmoil in the banking sector is "isolated" and stems from "a little bit of panic." He added that Credit Suisse has not asked Saudi National Bank for financial assistance. "There has been no discussions with Credit Suisse about providing assistance," he said. "I don't know where the word 'assistance' came from, there has been no discussions whatsoever since October," he said. His comments come after Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank to shore up liquidity and investor confidence after its stock plunged Wednesday.
☆ Panic over Credit Suisse is 'unwarranted,' Saudi National Bank chairman says
  + 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 EmailPanic over Credit Suisse is 'unwarranted,' Saudi National Bank chairman saysAmmar Al Khudairy, chairman of Credit Suisse's largest shareholder Saudi National Bank, discusses the fragility and panic of the "entire market."
☆ What happened at Credit Suisse and how did it reach crisis point?
  + stars: | 2023-03-16 | by ( Anshuman Daga | ) www.reuters.com   time to read: +4 min
In December, Credit Suisse had tapped investors for 4 billion Swiss francs. Credit Suisse shares have lost more than 75% of their value over the past twelve months. Reuters Graphics Reuters GraphicsWHAT STEPS CAN CREDIT SUISSE TAKE TO CALM INVESTORS? HOW IMPORTANT IS CREDIT SUISSE? Credit Suisse has a local Swiss bank, wealth management, investment banking and asset management operations.
☆ Saudi National Bank chairman: There has been no discussion on providing assistance to Credit Suisse
  + 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 EmailSaudi National Bank chairman: There has been no discussion on providing assistance to Credit SuisseAmmar Al Khudairy, chairman of Saudi National Bank, says its message hasn't changed since October.
☆ Factbox: Credit Suisse's troubles - spies, money laundering and takeover
  + stars: | 2023-03-16 | by ( ) www.reuters.com   time to read: +6 min
Credit Suisse has said it expects the case, which it is appealing, to cost it around $600 million. The hedge fund's highly leveraged bets on certain technology stocks backfired and the value of its portfolio with Credit Suisse plummeted. Swiss regulators have rebuked Credit Suisse for "serious" failings in its handling of the multi-billion dollar business with Greensill. Switzerland's financial regulator said Credit Suisse had misled it about the scale of the spying. In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.
☆ 'Everything is fine' at Credit Suisse - it's just a bit of panic, says its biggest backer Saudi National Bank
  + stars: | 2023-03-16 | by ( Zinya Salfiti | ) www.businessinsider.com   time to read: +3 min
'Everything is fine' at Credit Suisse, according to Saudi National Bank chairman Ammar Al Khudairy. Saudi National Bank insisted that raising its stake above 10% is a red line for regulatory reasons. "It's panic, a little bit of panic, I believe completely unwarranted, whether it be for Credit Suisse or for the entire market." But Al Khudairy has insisted that raising Saudi National Bank's stake above 10% is a red line primarily because of regulatory reasons. There has been no discussions whatsoever since October about Credit Suisse needing more capital or requiring assistance," Al Khudairy said.
☆ 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".
☆ Credit Suisse to borrow up to nearly $54 billion from Swiss National Bank
  + stars: | 2023-03-16 | by ( Jihye Lee | ) www.cnbc.com   time to read: +1 min
Credit Suisse announced late Wednesday it will be borrowing up to about $54 billion from Swiss National Bank. People walk by the New York headquarters of Credit Suisse on March 15, 2023 in New York City. Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility. The decision comes shortly after shares of the lender fell sharply Wednesday, hitting an all-time low for a second consecutive day after its top investor Saudi National Bank said it won't be able to provide further assistance. The latest steps will "support Credit Suisse's core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs," the company said in an announcement.
☆ Credit Suisse: Why it’s struggling and why that’s a big deal
  + stars: | 2023-03-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +5 min
Credit Suisse is one of the biggest financial institutions in the world. “Credit Suisse is much more globally interconnected … not just a Swiss problem but a global one.”Why is Credit Suisse struggling now? That engulfed other banks facing big problems, including Credit Suisse, which has been a slow-moving car wreck for decades. In 2014, Credit Suisse pleaded guilty to federal charges that it illegally allowed some U.S. clients to evade their taxes. Credit Suisse acted as an underwriter when the company went public on the Nasdaq in 2019.
☆ Treasury yields mixed as investors assess stock market outlook
  + stars: | 2023-03-16 | by ( Sophie Kiderlin | ) www.cnbc.com   time to read: +2 min
Meanwhile, the yield on the 30-year Treasury dipped by under a basis point to 3.6855%. ET, the yield on the 10-year Treasury was up over two basis points to 3.5167%. The 2-year Treasury was trading at around 4.0237% after rising by more than five basis points. U.S. Treasury yields were mixed on Thursday as investors closely watched developments on the stock market, especially the banking sector, and digested the latest inflation-related economic data. Investors had been expecting a 50 basis point hike, but are now anticipating a smaller one of 25 basis points as they expect the Fed could prioritize stability in light of market turmoil.
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