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☆ Sand dredging is 'sterilising' ocean floor, UN warns
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ann Wang/File Photo Acquire Licensing RightsGENEVA, Sept 5 (Reuters) - Around 6 billion tons of marine sand is being dug up each year in a growing practice that a U.N. agency said is unsustainable and can wipe out local marine life irreversibly. The findings from the United Nations Environment Programme (UNEP) coincide with the launch of a new platform 'Marine Sand Watch' backed by funding from the Swiss government that monitors dredging activities using marine tracking and artificial intelligence. "The amount of sand we are withdrawing from the environment is considerable and has a large impact," UNEP's Pascal Peduzzi told a Geneva press briefing. In some cases, companies remove all the sand to the bedrock, meaning that "life may never recover", Peduzzi added. China, the Netherlands, the United States and Belgium are among the countries most active in the sector, he said.

Persons: Ann Wang, Pascal Peduzzi, Peduzzi, Arnaud Vander Velpen, Emma Farge, Christina Fincher Organizations: REUTERS, Rights, United Nations Environment Programme, UNEP, University of Geneva, Thomson Locations: Taiwan, Swiss, Geneva, China, United States, Netherlands, Belgium

In a memo to staff Ermotti said that 3,000 Swiss jobs would go, while more people would leave of their own accord, for example, through retirement. With a market value of 77 billion Swiss francs, UBS also struck an optimistic note about its short-term outlook. With Credit Suisse in Switzerland intact and independent, as some politicians had hoped, fewer jobs would have been hit. [1/2]Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Reuters GraphicsThe bumper profit results from a huge one-off gain that reflects how the acquisition costs were far below Credit Suisse's value.

Persons: Ermotti, Sergio Ermotti, Denis Balibouse, Jefferies, Brenna Hughes, John O'Donnell, Noele, Edwina Gibbs, Tomasz Janowski, Alexander Smith Organizations: UBS, Credit Suisse Swiss, Credit Suisse, UBS grapples, REUTERS, Swiss Bank Employees Association, Analysts, Deutsche Bank, Reuters, Credit, Thomson Locations: Switzerland, ZURICH, Swiss, Zurich Switzerland, Zurich, London

☆ CNBC Daily Open: Jobs growth slowed down. Markets shot up
▼ + stars: | 2023-08-31 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Surveys suggest that despite cooling inflation and jobs gains, Americans remain deeply skeptical of the president's handling of the post-pandemic economy. Photographer: Al Drago/Bloomberg via Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets regain groundU.S. stocks rallied Wednesday on the back of weaker-than-expected economic data, giving the S&P 500 a four-day winning streak. But this could be an opportunity for investors to put their money into other Asian markets, analysts say.

Persons: Al Drago, downwardly, — Organizations: Bloomberg, Getty, CNBC, UBS, Swiss, Credit Suisse, ADP, Japan's Nikkei Locations: Ocean City , New Jersey, US, Swiss, U.S, Asia, Pacific, Shanghai, China

☆ Switzerland sees no major impact on labour market from Credit Suisse merger
▼ + stars: | 2023-08-31 | 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 RightsCompanies UBS Group AG FollowBERLIN, Aug 31 (Reuters) - The Swiss government expects no significant upheaval with regards to the labour market following the integration of Credit Suisse into UBS, Federal Councillor Guy Parmelin said on Thursday. "Possible redundancies are to be staggered. The labour market impact should therefore remain low, especially as the current labour market situation is generally very good," Parmelin said in a statement emailed to Reuters. Reporting by Noele Illien, Writing by Rachel More, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Guy Parmelin, Parmelin, Noele Illien, Rachel More, Friederike Heine Our Organizations: Credit Suisse, UBS, REUTERS, UBS Group, BERLIN, Federal, Reuters, Thomson Locations: Zurich Switzerland, Swiss

☆ A 'historic' result but still a 'construction site': Analysts react to blowout UBS earnings
▼ + stars: | 2023-08-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Swiss authorities brokered the controversial emergency rescue of Credit Suisse by UBS for 3 billion Swiss francs ($3.37 billion) over the course of a weekend in March. Fabrice Coffrini | AFP | Getty ImagesUBS shares rallied to 15-year highs on the back of what analysts branded a "historic" earnings report, though Deutsche Bank said the Swiss banking giant may remain a "construction site" for some time. UBS also announced that it will fully integrate Credit Suisse's Swiss banking unit, a key profit center, in 2024. Notably, UBS highlighted that the massive net asset and deposit outflows seen by Credit Suisse over the last year have finally begun to reverse, and turned positive in June. "It's difficult to combine a blowout result like that and then to announce layoffs at the same time.

Persons: Fabrice Coffrini, Benjamin Goy, Sharath Kumar, Bruno Verstraete, Verstraete Organizations: Credit Suisse, UBS, AFP, Getty, Deutsche Bank, Swiss, Credit, midafternoon, Lakefield Partners, CNBC Locations: Swiss, Zurich, 2Q23, Switzerland

☆ UBS Reports Record-Breaking $29 Billion Profit
▼ + stars: | 2023-08-31 | by ( Michael J. De La Merced | More About Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

When UBS agreed to buy its archrival Credit Suisse for a little over $3 billion this spring at the Swiss government’s behest, analysts and investors said that price represented a steep discount. UBS’s latest financial results reflect just how much of a steal it was. On Thursday, the bank reported a $29 billion profit in its second quarter — yes, billion with a “b” — the biggest quarterly profit in banking history. But that paper gain belies the challenges that UBS faces as it moves to complete the largest takeover of a bank since the 2008 financial crisis. That process will include absorbing some of its onetime competitor’s domestic footprint and shuttering a large portion of its investment banking operations.

Persons: “, It’s Organizations: UBS, Credit Suisse

The magic of “badwill”When UBS agreed to buy its archrival, Credit Suisse, for a little over $3 billion this spring at the Swiss government’s behest, analysts and investors said that price represented a steep discount. UBS’s latest financial results reflect just how much of a steal it was. Today, the bank reported a $29 billion profit — yes, you read that right — for the second quarter, the biggest quarterly profit in banking history. But that paper gain belies the challenges that UBS faces as it moves to complete the largest takeover of a bank since the 2008 financial crisis. (It’s also known as “negative goodwill.”) UBS reported that its underlying profit for the quarter was just $1.1 billion.

Persons: “, It’s Organizations: UBS, Credit Suisse

☆ UBS will cut 3,000 jobs in Switzerland as it absorbs Credit Suisse
▼ + stars: | 2023-08-31 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —UBS expects to shed around 3,000 jobs in Switzerland as it tries to save $10 billion from a sweeping overhaul of the global banking giant created by its emergency rescue of Credit Suisse earlier this year. “The Swiss Bank Employees Association demands that the 37,000 employees of the two institutions in Switzerland are treated fairly and equally in the integration process,” the Swiss banking union said in a statement. UBS (UBS) agreed on March 19 to buy Credit Suisse for the bargain price of 3 billion Swiss francs ($3.4 billion) in a rescue orchestrated by Swiss authorities to avert a banking sector meltdown. UBS posted net profit of $29 billion for the second quarter, reflecting a one-off boost from the acquisition of Credit Suisse at a fraction of its value. It also said it no longer required a 100 billion franc ($114.2 billion) government-backed loan and that Credit Suisse had repaid an earlier loan from Switzerland’s central bank of 50 billion francs ($57.1 billion).

Persons: “, Sergio Ermotti, ” Ermotti, ” Organizations: London CNN, UBS, Credit Suisse, Swiss Bank Employees Association, Credit, ” UBS, Swiss, Switzerland Credit Suisse, Silicon Valley Bank, Signature Bank, Taxpayers, “ Locations: Switzerland, Swiss

☆ UBS to cut 3,000 jobs in Switzerland after Credit Suisse takeover
▼ + stars: | 2023-08-31 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

UBS is planning to cut 3,000 jobs in Switzerland after its shock takeover of rival Credit Suisse. The shotgun marriage with UBS saved embattled Credit Suisse from possible collapse. AdvertisementAdvertisementUBS is planning to cut 3,000 jobs in Switzerland as it continues to integrate Credit Suisse following the shock takeover of its rival earlier this year. The company said Thursday that it plans to complete the integration of Credit Suisse by the end of 2026 and aims to cut costs by $10 billion during that period. Amid fears the 167-year-old financial institution could go under, the Swiss government brokered a shotgun marriage with UBS, with Credit Suisse being sold for 3 billion Swiss francs ($3.25 billion).

Persons: Sergio Ermotti, Ermotti Organizations: UBS, Credit Suisse, Suisse, Reuters, AG, Silicon Valley Locations: Switzerland, Schweiz, Swiss

☆ UBS shares jump to 2008 highs after profit beat, job cuts announcement
▼ + stars: | 2023-08-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

UBS posted a second-quarter profit of $28.88 billion in its first quarterly earnings since Switzerland's largest bank completed its takeover of stricken rival Credit Suisse. UBS said the result primarily reflected $28.93 billion in negative goodwill on the Credit Suisse acquisition. UBS paid a discounted 3 billion Swiss francs ($3.4 billion) to acquire Credit Suisse in March. "Credit Suisse has excellent people, clients, and product capabilities, but the business model was not sustainable any longer and needs to be restructured." UBS delayed reporting its second-quarter results — initially scheduled for July 25 — until after completing the Credit Suisse takeover on June 12.

Persons: Eduardo Munoz Alvarez, Ermotti, CNBC's, CNBC's Joumanna, — Organizations: UBS, View Press, Getty, Credit Suisse, Analysts, Suisse, Suisse's, Credit, The Credit Suisse, Swiss Locations: Manhattan, New York City, Zurich, Swiss, Switzerland

☆ Swiss Competition Commission examining UBS takeover of Credit Suisse
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: 1 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland, March 20, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsZURICH, Aug 28 (Reuters) - Switzerland's Competition Commission is looking into UBS's (UBSG.S) takeover of Credit Suisse, the authority said on Monday. In March, the Swiss government, central bank and financial regulator rushed through a rescue deal for Credit Suisse, resulting in the country's two largest banks merging. "We confirm that the Swiss Competition Commission is looking at the takeover of CS by UBS and will send FINMA her results probably by the end of September," the Commission's vice-director told Reuters. Reporting by Noele Illien, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Noele Illien, Friederike Heine Our Organizations: UBS, Credit Suisse, REUTERS, Rights, Swiss Competition Commission, CS, Thomson Locations: Zurich, Switzerland, Swiss

☆ UBS Sheds Swiss Government Aid for Credit Suisse Takeover
▼ + stars: | 2023-08-11 | by ( Margot Patrick | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/ubs-sheds-swiss-government-aid-for-credit-suisse-takeover-6e3df2af

Persons: Dow Jones Organizations: ubs, suisse

☆ UBS ends state guarantee granted over Credit Suisse rescue
▼ + stars: | 2023-08-11 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

The Swiss government provided 9 billion francs ($10.3 billion) of loss protection guarantees to UBS as part of the state-sponsored takeover of Credit Suisse earlier this year. UBS also said that Credit Suisse had fully repaid an Emergency Liquidity Assistance Plus (ELA+) loan of 50 billion francs to the SNB. "The early voluntary repayment could potentially also help in other matters, such as negotiating the retention of the Credit Suisse Swiss business, in our view," Citi analyst Andrew Coombs said. Credit Suisse and UBS also borrowed 168 billion francs from the SNB in various emergency liquidity schemes to ease the takeover. Government help included a guarantee of up to 9 billion francs for losses UBS might incur from the sale of Credit Suisse assets, beyond 5 billion francs that UBS agreed to cover itself.

Persons: Arnd, ELA, Andreas Venditti, Andrew Coombs, Switzerland's, Noele, Jacqueline Wong, Mark Potter Organizations: Swiss, UBS, REUTERS, Suisse, Credit Suisse, Swiss National Bank, Confederation, Credit Suisse Swiss, Citi, Reuters, Thomson Locations: Zurich, ZURICH, Swiss

☆ Porta Advisors discusses end of Credit Suisse backstop
▼ + stars: | 2023-08-11 | 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 EmailTiming of UBS decision to scrap backstop for Credit Suisse deal is perfect: Financial advisory firmBeat Wittmann of Porta Advisors discusses UBS' decision to end a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop that were put in place by the Swiss government when it took over rival Credit Suisse in March.

Persons: Beat Wittmann, Porta Organizations: UBS, Credit Suisse, Porta Advisors Locations: Swiss

☆ European markets open lower; UBS ends Credit Suisse protection measures, shares up 4%
▼ + stars: | 2023-08-11 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

The pan-European Stoxx 600 index was down 0.5% in the first minutes of trading, with all sectors opening in negative territory. Mining stocks led losses with a 1% downturn, followed by oil and gas and autos, which both dropped 0.9%. UBS announced Friday it ended a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop originally put in place by the Swiss government when the bank took over rival bank Credit Suisse in March. The pan-European Stoxx 600 index ended the previous session up 0.8%, with household goods adding 2.2% to lead gains on the back of strong earnings. Mining stocks slid 0.9%.

Organizations: Bureau of Labor Statistics, UBS, Credit Suisse, Mining Locations: U.S, Swiss, Asia, Pacific

☆ UBS tells employees: more milestones in CS merger to be announced Aug 31
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: 1 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. REUTERS/Denis Balibouse/File PhotoBERLIN, Aug 11 (Reuters) - UBS (UBSG.S) said in a memo to employees seen by Reuters on Friday that it would provide information on some more milestones it has reached in its merger with Credit Suisse as part of its second-quarter results on Aug. 31. "It should be clear to all of us that we still have a lot of work ahead of us to realize the full potential value from this transaction," according to the memo, which was sent as UBS said it had terminated its loss protection agreement with the Swiss government. Reporting by Oliver Hirt and Noele Illien, Writing by Miranda Murray; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Oliver Hirt, Noele, Miranda Murray, Kim Coghill Organizations: UBS, Credit Suisse, REUTERS, Reuters, Thomson Locations: Zurich, Switzerland, Swiss

☆ 'Inevitable step' for UBS to remove the Swiss government backstop, says the bank's former UK group CEO
▼ + stars: | 2023-08-11 | 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 Email'Inevitable step' for UBS to remove the Swiss government backstop, says the bank's former UK group CEOMark Yallop, Former UK Group CEO for UBS, joins to discuss UBS' termination of the Credit-Suisse loss-protection pact.

Persons: backstop, Mark Yallop Organizations: UBS, UK, Credit, Suisse

☆ UBS ends Credit Suisse's government and central bank protections
▼ + stars: | 2023-08-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The logos of Swiss banks Credit Suisse and UBS on March 16, 2023 in Zurich, Switzerland. UBS on Friday said that it has ended a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop that were put in place by the Swiss government when it took over rival Credit Suisse in March. UBS said the decision followed a "comprehensive assessment" of Credit Suisse's non-core assets that were covered by the liquidity support measures. "These measures, together with the intervention of UBS, contributed to the stabilization of Credit Suisse and financial stability in Switzerland and globally," UBS said in a statement. Credit Suisse has also fully repaid an emergency liquidity assistance plus (ELA+) loan of 50 billion Swiss francs obtained from the Swiss National Bank in March, as the lender teetered on the brink after a collapse in shareholder and investor confidence, UBS confirmed.

Organizations: Credit Suisse, UBS, Swiss National Bank, Confederation, Swiss Federal Council Locations: Zurich, Switzerland, Swiss

☆ In Switzerland, self-driving pods could transport freight in underground tunnels
▼ + stars: | 2023-08-07 | by ( Mark Tutton | ) edition.cnn.com time to read: +6 min

CNN —In Switzerland, an ambitious proposal could see the construction of an expansive underground network through which self-driving pods would transport freight across the country. The project, called Cargo Sous Terrain (“Underground Cargo” in English), is intended to reduce the reliance on trucks for moving cargo. “In the US, currently we are facing a big shortage of truck drivers and underground freight transport will resolve this issue as well.”In recent years, there have been other proposals for underground freight transport networks around the world. Cargo Sous TerrainA key challenge is working out how to transport freight above ground from the tunnels to stores in cities – without adding to road traffic. CST is “at the forefront” of underground freight transport thanks to its step-by-step approach, he says.

Persons: ”, Patrik Aellig, Gallen, Najafi, Elon Musk, Philipp Noser Organizations: CNN, Swiss, Center for Underground Infrastructure Research, Education, University of Texas, Ruhr University of Bochum, Credit Suisse, Siemens, City Locations: Switzerland, Geneva, St, Härkingen, Zurich, Arlington, Germany, CargoCap, Smart, Hamburg, Hyperloop, Coop

☆ Exclusive: Credit Suisse to cut 80% of Hong Kong investment bank jobs from this week
▼ + stars: | 2023-08-07 | by ( Selena Li | ) www.reuters.com time to read: +2 min

A pedestrian walks past a logo of Credit Suisse outside its office building in Hong Kong, China March 21, 2023. Hong Kong accounts for Credit Suisse's biggest share of investment bankers in Asia. It has since said it would reduce risk in Credit Suisse's investment banking operation. UBS laid off employees from Credit Suisse's investment bank in New York last week, Reuters reported, citing a source familiar with the situation. Besides Hong Kong, other regional markets in which Credit Suisse has investment bankers include China, Singapore, Vietnam, Australia, South Korea, Thailand and India.

Persons: Lam, HONG KONG, Christian Deiss, Deiss, Selena Li, Julie Zhu, Sumeet Chatterjee, Christopher Cushing Organizations: Credit Suisse, REUTERS, UBS Group, Credit Suisse's, Asia . Credit Suisse, UBS, Credit, Reuters, Thomson Locations: Hong Kong, China, HONG, Asia ., Swiss, New York, Houston, Asia, Singapore, Vietnam, Australia, South Korea, Thailand, India, Credit Suisse's Asia, Pacific

☆ Winners and losers likely as Switzerland absorbs Credit Suisse layoffs
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +5 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. In Switzerland, up to 10,000 jobs could be affected with Zurich bearing the brunt if UBS goes ahead with its indicated preferred option of absorbing Credit Suisse and cutting overlapping jobs and operations. "The large banks have many highly paid very specialized roles, where frankly there is very little demand in the market outside UBS and Credit Suisse," he said. Job cuts at Credit Suisse will hit Swiss and foreign nationals on its payroll, which may mean some have to leave Switzerland if they can't find a new job. Swiss banks have been looking in particular to snap up relationship managers with strong client relationships and solid books.

Persons: Denis Balibouse, headhunter Fredy Hausammann, Hausammann, Adecco, Balz Stueckelberger, Sergio Ermotti, Lombard Odier, Marco Arnold, Giorgio Pradelli, Pradelli, EFG, Noele Illien, Susan Fenton Organizations: UBS, Credit Suisse, REUTERS, Reuters, State Secretariat, Economic Affairs, Arbeitgeber Banker, Swiss, EFG's, Thomson Locations: Zurich, Switzerland, Swiss, Europe, Zug

☆ UBS hit with $387 million in fines for ‘misconduct’ by Credit Suisse in Archegos dealings
▼ + stars: | 2023-07-24 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —UBS is being fined for missteps by Credit Suisse less than two months after UBS completed an emergency takeover of its former rival. On Monday, the Federal Reserve said it would fine UBS for “misconduct” by Credit Suisse in its risk management of Archegos Capital Management, an investment fund that collapsed in 2021. All told, the fines levied against UBS announced Monday total $387 million – including fines from the Swiss government and the Bank of England. In its announcement of the fine, the Federal Reserve Board said that Credit Suisse practiced “unsafe and unsound” credit risk management practices in its dealings with Archegos. UBS and Credit Suisse have also been ordered to submit a plan to strengthen oversight of their US operations and senior management in the next 120 days.

Organizations: CNN, UBS, missteps, Credit Suisse, Federal Reserve, Archegos Capital Management, Bank of England, Warner Brothers Discovery, Federal Reserve Board, Archegos, “ Credit Suisse, ”, Silicon Valley Bank, Signature Bank, Swiss Locations: Swiss, “, Wall, Switzerland

☆ Credit Suisse inquiry will keep files secret for 50 years
▼ + stars: | 2023-07-15 | by ( John Revill | ) www.reuters.com time to read: +2 min

ZURICH (Reuters) -A parliamentary investigation into the collapse of Credit Suisse will keep its files closed for 50 years, according to a parliamentary committee document, a level of secrecy that has triggered concern among Swiss historians. The investigation will focus on the activities of the Swiss government, financial regulator and central bank in the run up to the emergency takeover of Credit Suisse by UBS in March. “After the completion of the investigation, the files shall be handed over to the Federal Archives and shall be subject to an extended protection period of 50 years,” the committee said in a strategy paper outlining its communication policy. “Should researchers want to scientifically investigate the 2023 banking crisis, access to the CS files would be invaluable,” Zala wrote, according to the newspaper. “Indiscretions complicate the work or damage the credibility of the commission and can have negative consequences for the Swiss financial centre,” the committee added.

Persons: Sacha Zala, Isabelle Chassot, “, ” Zala Organizations: Suisse, Swiss Federal Archives, Credit Suisse, UBS, Swiss, Federal Archives, Aargauer Zeitung, Swiss Society Locations: ZURICH, Swiss, Bern

☆ Credit Suisse inquiry will keep files secret for 50 years, paper reports
▼ + stars: | 2023-07-15 | by ( ) 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, July 15 (Reuters) - A parliamentary investigation into the collapse of Credit Suisse will keep its files closed for 50 years, newspaper Aargauer Zeitung reported, triggering concerns among Swiss historians. The Swiss parliament did not respond to a request for comment on Saturday. The investigation will focus on the activities of the Swiss government, financial regulator and central bank in the run up to emergency takeover of Credit Suisse by UBS in March. It could have the power to question the Credit Suisse bankers involved, but they will not be the focus of the inquiry.

Persons: Denis Balibouse, Sacha Zala, Isabelle Chassot, Zala, John Revill, David Evans Organizations: Credit Suisse, Swiss, REUTERS, Suisse, Aargauer Zeitung, Swiss Federal Archives, Swiss Society, UBS, Thomson Locations: Bern, Switzerland, ZURICH, Swiss

[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 PhotoBERN, July 13 (Reuters) - A Swiss parliamentary investigation into the role played by state institutions in the collapse and emergency rescue of Switzerland's second biggest lender Credit Suisse will take 12 to 14 months to complete, its president said on Thursday. The investigation committee is Swiss lawmakers' most powerful tool and this is only the fifth time such a parliamentary probe has been launched. It will also examine the role played by financial regulator FINMA as well as the Swiss National Bank. UBS (UBSG.S) agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March after panicked customers withdrew cash from their accounts at the stricken lender.

Persons: Denis Balibouse, Isabelle Chassot, Noele Illien, John Revill, David Evans, Alexandra Hudson Organizations: Credit Suisse, Swiss, REUTERS, Suisse, Swiss National Bank, UBS, Alexandra Hudson Our, Thomson Locations: Bern, Switzerland, BERN, Swiss, Die Mitte, Zurich

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