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☆ Saudi Arabia releases US national Almadi from prison, says son
▼ + stars: | 2023-03-21 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

His son, Ibrahim, told Reuters his father was at his home in Riyadh with his family. His case, along with those of other U.S. citizens who remain under a travel ban in Saudi Arabia, had added to an already strained relationship between the two traditional allies. U.S. President Joe Biden said he had raised the cases during meetings with King Salman and Crown Prince Mohammed bin Salman when he visited Saudi Arabia in July. In October, Biden vowed there would be consequences for Riyadh after the OPEC+ oil alliance, led by Saudi Arabia and which includes Russia, decided to cut output targets. "There are far too many people in detention in Saudi Arabia who do not have the benefits of U.S. citizenship to draw attention to their cases," he said.

☆ Saudi is far from the last Western bank bagholder
▼ + stars: | 2023-03-21 | by ( George Hay | ) www.reuters.com time to read: +5 min

LONDON, March 21 (Reuters Breakingviews) - Saudi Arabia has joined the Western bank bagholder club. The bank only made its play in November, when client money was already flowing out of Credit Suisse. Saudi National Bank bought 307.6 million Credit Suisse shares for 3.82 Swiss francs ($4.11) per share. The UBS offer of 3 billion Swiss francs ($3.23 billion) values Credit Suisse shares at 0.76 francs each, more than 80% lower than the price paid by the Saudi bank. 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.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ '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.

☆ 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.

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.

☆ 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.

☆ 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 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.

An Insider review found that his company has sold to foreign governments, including a $228 million dollar contract. What Mills didn't advertise was Pacem's munitions contracts with foreign governments. The company's chief legal officer Joseph Schmitz said all of Pacem's foreign munitions sales are approved by the Department of State. Mills's influence over American military spending while having ties to a munitions company poses the potential for conflicts of interest, an ethics watchdog said. In Congress, Mills sits on the House Foreign Affairs and Armed Services committees, which oversee military spending and foreign weapons sales.

☆ 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.

☆ What analysts are saying about Credit Suisse after 'central bank bazooka' is unleashed
▼ + stars: | 2023-03-16 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

Wall Street analysts were split on whether they should buy into Credit Suisse — though they found central bank support of the troubled Swiss firm reassuring. Earlier, the central bank said it would give Credit Suisse liquidity if necessary, saying the firm is well capitalized. On Wednesday, Credit Suisse shares tumbled 13.9% after the firm's largest investor, the Saudi National Bank, said it could not give more funding, driving fears of a banking crisis in Europe. However, following the decision to borrow from the central bank, JPMorgan's Roberto Henriques reiterated an overweight rating on the firm. The analyst expects that the "central bank bazooka" will assuage investors concerned over liquidity issues and give Credit Suisse enough time to roll out a restructuring plan.

☆ 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.

☆ Stocks making the biggest moves midday: First Republic, Signet Jewelers, Snap and more
▼ + stars: | 2023-03-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

A customer walks past an ATM outside of a First Republic Bank branch in Manhattan Beach, California, on March 13, 2023. First Republic Bank — Shares of First Republic erased earlier losses and were last up about 22%. UiPath — The stock surged 17.5% after the automation software company reported fourth-quarter adjusted earnings per share of 15 cents, beating the StreetAccount estimate of 6 cents per share. Adobe — The software maker saw its stock jump nearly 5% after the company reported fiscal first-quarter results that topped Wall Street estimates. The Wall Street firm said the stock has fallen to levels that are attractive.

☆ 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.

☆ 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.

☆ Explainer: Credit Suisse: How did it get to crisis point?
▼ + stars: | 2023-03-16 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

Credit Suisse confirmed last month that clients had pulled 110 billion Swiss francs of funds in the fourth quarter while the bank suffered its biggest annual loss of 7.29 billion Swiss francs since the financial crisis. In December, Credit Suisse had tapped investors for 4 billion Swiss francs. 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.

☆ ETFs show that investors are confused about where the markets are going
▼ + stars: | 2023-03-16 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

A common tool to gauge the market's intent is following inflows and outflows in large ETFs. There have been outflows from corporate bond ETFs like Vanguard Short-Term Corporate Bond (VCSH), high yield funds like SPDR High Yield ETF (JNK), bank loan ETFs like SPDR Senior Loan ETF (SRLN) and bank stock ETFs like Invesco KBW Bank ETF (KBWB). The Credit Suisse issue was somewhat different. Europeans at the conference were surprised that there was a focus on Credit Suisse. The common thread of the commentary was that Credit Suisse had never recovered from the financial crisis, that it had been in decline for nearly 20 years.

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