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☆ Muzinich & Co. discusses why SNB can't invest more in 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 cannot invest more in Credit Suisse for regulatory reasons: Investment firmTatjana Greil Castro of Muzinich & Co. discusses the crisis that Credit Suisse faces and the reasons Saudi National Bank cannot invest more in it.
☆ Bitcoin gains amid growing investor concern over global banking crisis
  + stars: | 2023-03-16 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +1 min
A pile of Bitcoins are shown here after Software engineer Mike Caldwell minted them in his shop in Sandy, Utah. Bitcoin added about 1.5% to $24,763.60, according to Coin Metrics, while Ether added more than 1% to trade at $1,667.56. Earlier Thursday, bitcoin briefly touched $25,000, which has been a key level watched by chart analysts. Global markets were further rocked this week after Credit Suisse revealed "material weaknesses" in its finances and the Saudi National Bank said it wouldn't invest additional capital to shore up the beleaguered Swiss lender. Late Wednesday, the Swiss National Bank stepped in, allowing Credit Suisse to borrow up to about $54 billion, easing immediate concerns over Credit Suisse's liquidity.
☆ 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.
☆ 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.
☆ 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.
☆ Credit Suisse sued by US shareholders over finances, controls
  + stars: | 2023-03-16 | by ( Jonathan Stempel | Industry Insight | Messaging Platform | ) www.reuters.com   time to read: +2 min
March 16 (Reuters) - U.S. shareholders of Credit Suisse Group AG (CSGN.S) sued the Swiss bank on Thursday, claiming that the bank defrauded them by concealing problems with its finances. The proposed class action accuses Credit Suisse of deceiving investors by failing to disclose that it was suffering from "significant" customer outflows, and that it had material weaknesses in its internal controls over financial reporting. Credit Suisse declined to comment on the lawsuit, which was filed in federal court in Camden, New Jersey. Turner, the named plaintiff, sued on behalf of holders of Credit Suisse's American depositary shares from March 10, 2022, to March 15, 2023. The case is Turner v Credit Suisse Group AG et al, U.S. District Court, District of New Jersey, No.
☆ Credit Suisse shares jump over 25% after a $54 billion SNB loan eases jitters, US stock futures stabilize
  + stars: | 2023-03-16 | by ( Zahra Tayeb | ) www.businessinsider.com   time to read: +3 min
Credit Suisse stock jumped Thursday after the SNB agreed to loan the banking giant $54 billion. The declines came after its biggest shareholder, the Saudi National Bank, said it wouldn't provide any more financial support to the lender. The SNB lifeline came amid investor fears Credit Suisse will default on debt. "Credit Suisse is taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank," he company said in a statement. "Dr. Doom" economist Nouriel Roubini has flashed a warning signal on Credit Suisse, saying it could go bust if the ECB follows up on its 50-basis point rate hike.
☆ '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.
☆ Credit Suisse sued by U.S. shareholders over finances, controls
  + stars: | 2023-03-16 | by ( ) www.cnbc.com   time to read: +1 min
U.S. shareholders of Credit Suisse Group AG sued the Swiss bank on Thursday, claiming that the bank defrauded them by concealing problems with its finances. The proposed class action accuses Credit Suisse of deceiving investors by failing to disclose that it was suffering from "significant" customer outflows, and that it had material weaknesses in its internal controls over financial reporting. Credit Suisse declined to comment on the lawsuit, which was filed in federal court in Camden, New Jersey. Turner, the named plaintiff, sued on behalf of holders of Credit Suisse's American depositary shares from March 10, 2022, to March 15, 2023. The case is Turner v Credit Suisse Group AG et al, U.S. District Court, District of New Jersey, No.
☆ Stocks slide, safety shines as bank fears spread
  + stars: | 2023-03-16 | by ( ) www.reuters.com   time to read: +2 min
Switzerland's central bank pledged to fund Credit Suisse "if necessary," which lifted Wall Street indexes from lows in afternoon trade, but the intervention isn't exactly soothing market fears. In a joint statement, the Swiss financial regulator and the nation's central bank said Credit Suisse "meets the capital and liquidity requirements imposed on systemically important banks." They said the bank could access liquidity from the central bank if needed. The moves follow the collapse of U.S. lenders Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) in recent days which have sent financial markets on a roller-coaster ride. Shares in big U.S. banks including JPMorgan Chase (JPM.N), Citigroup (C.N) and Bank of America (BAC.N) fell overnight, pushing the S&P 500 banking index (.SPXBK) down 3.62%.
☆ 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.
☆ Factbox: FACTBOX Credit Suisse's troubles - spies, money laundering and central bank cash
  + stars: | 2023-03-16 | by ( ) www.reuters.com   time to read: +6 min
Lescaudron was convicted by a Swiss court in 2018 of having forged the signatures of former clients, including Ivanishvili, over an eight-year period. 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. In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.
☆ 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.
☆ 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 says panic over Credit Suisse is 'unwarranted'
  + stars: | 2023-03-16 | by ( Jihye Lee | ) www.cnbc.com   time to read: +1 min
Credit Suisse 's largest shareholder Saudi National Bank said the market turmoil in shares of the Swiss lender was "unwarranted." "If you look at how the entire banking sector has dropped, unfortunately, a lot of people were just looking for excuses," Saudi National Bank chairman Ammar Al Khudairy told CNBC's Hadley Gamble on Thursday. I believe completely unwarranted, whether it be for Credit Suisse or for the entire market," he said on CNBC's "Capital Connection." His comments come hours after Credit Suisse announced that it is taking "decisive action" to borrow up to 50 billion Swiss francs ($53.68 billion). The lender's shares plunged Wednesday after a report that the Saudi bank said it could not provide Credit Suisse with any further financial assistance.
☆ 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.
☆ 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.
☆ 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.
☆ Top US Senate Democrat Schumer wants legislative response to banking ills
  + stars: | 2023-03-15 | by ( Moira Warburton | ) www.reuters.com   time to read: +3 min
"We need strong legislation and hopefully we can put something together that's bipartisan," Schumer told reporters following a closed policy lunch with his fellow Democrats. Calls for increased oversight of the U.S. banking industry grew as fallout from Friday's collapse of Silicon Valley Bank (SVB) widened. Senate Banking Committee Chairman Sherrod Brown, however, downplayed the likelihood of Congress passing a "significant" banking bill anytime soon. Republicans hold a narrow majority in the House of Representatives and Democrats do not control enough votes in the Senate to advance legislation without Republican cooperation. Reporting by Moira Warburton and Richard Cowan in Washington; Editing by Mark Porter and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.
☆ Credit Suisse shares down by a quarter, key backer says no more money
  + stars: | 2023-03-15 | by ( Noele Illien | ) www.reuters.com   time to read: +3 min
Saudi National Bank (SNB) (1180.SE), which holds 9.88% of Credit Suisse, said it would not buy more shares in the Swiss bank on regulatory grounds. The Swiss bank's shares were down about 24% early afternoon on Wednesday, after hitting a new record low. Koerner had said earlier in the week Credit Suisse's liquidity coverage ratio averaged 150% in the first quarter of this year. The Swiss National Bank declined to comment on Credit Suisse's stock move. Five-year credit default swaps on Credit Suisse debt widened to 574 basis points from 549 bps at last close, based on data from S&P Global Market Intelligence, marking a new record high.
☆ European banks battered as Credit Suisse drops over 20%
  + stars: | 2023-03-15 | by ( Lucy Raitano Danilo Masoni | Lucy Raitano | Danilo Masoni | ) www.reuters.com   time to read: +2 min
Credit Suisse fell below 2 Swiss francs ($2.18) for the first time after Saudi National Bank said it could not go above 10% ownership due to a regulatory issue. Credit Suisse shares fell by as much as 23.8% and were last down 20.2%. An index of European bank stocks (.SX7P) fell in morning trading and was last down 6.1%, hitting its lowest since January 3. Fears of contagion after the collapse of tech-focused lender SVB (SIVB.O) and New York-based Signature Bank (SBNY.O) last week have weighed on European bank stocks. We move from the problems of American banks to those of European banks, first of all Credit Suisse," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan.
☆ Credit Suisse sheds nearly 25%, key backer says no more money
  + stars: | 2023-03-15 | by ( Noele Illien | ) www.reuters.com   time to read: +2 min
It’s a regulatory issue," Saudi National Bank (1180.SE) chairman Ammar Al Khudairy said on Wednesday. The Saudi lender acquired a stake of almost 10% last year after taking part in Credit Suisse's capital raising and committed to investing up to 1.5 billion Swiss francs ($1.5 billion). Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified "material weaknesses" in controls over financial reporting and not yet stemmed customer outflows. Five-year credit default swaps on Credit Suisse debt widened to 574 basis points from 549 bps at last close, according to data from S&P Global Market Intelligence, marking a new record high. Earlier this week, Credit Suisse CEO Ulrich Koerner told a conference that the bank's liquidity coverage ratio averaged 150% in the first quarter of this year - well above regulatory requirements.
☆ Instant View: Banking stocks tank again as Credit Suisse woes rock market
  + stars: | 2023-03-15 | by ( Reuters Staff | ) www.reuters.com   time to read: +3 min
FILE PHOTO: A Credit Suisse logo is pictured on a the roof of a branch in Geneva, Switzerland, November 3, 2022. European banks shares slid over 6%, European stocks were down more 3% and U.S. stock futures pointed to a weak start for Wall Street shares. MARKET REACTION:STOCKS: Credit Suisse share trading was halted after heavy losses, last down over 20%, ING Group, ABN AMRO were4 down over 6%. “But in general, the balance sheet is in a much better position, with the European banks all highly regulated. So, it is important that the European regulator make clear that the underlying systemic risk, not only for deposits, but in the overall European banking market, is rather low.”
☆ Credit Suisse hits record low, biggest backer says can't put up more money
  + stars: | 2023-03-15 | by ( ) www.reuters.com   time to read: +1 min
ZURICH, March 15 (Reuters) - Credit Suisse (CSGN.S) shares slid on Wednesday, dropping by as much as 10.5% to a new record low, as its largest investor said it could not provide the Swiss bank with more financial assistance. Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified "material weaknesses" in controls over financial reporting and not yet stemmed customer outflows. Customer outflows in the fourth quarter rose to more than 110 billion Swiss francs ($120 billion). The shares were last down 10.2% at 2.01 Swiss francs ($2.19) in Zurich, heading for a seventh straight daily decline. Five-year credit default swaps on Credit Suisse debt widened to 533 basis points from 549 bps at last close, according to data from S&P Global Market Intelligence.
☆ Credit Suisse's Saudi backer happy with transformation plan, doesn't think extra money needed
  + stars: | 2023-03-15 | by ( Rachna Uppal | ) www.reuters.com   time to read: +1 min
RIYADH, March 15 (Reuters) - Credit Suisse Group's Saudi backer is happy with the transformation plan and doesn't think the Swiss lender will need extra money. "We are happy with the plan, the transformation plan that they have put forward. It is a very strong bank," Al Khudairy said on in an interview with Reuters. And they operate under a strong regulatory regime in Switzerland and in other countries," Al Khudairy said on the sidelines of a conference in Riyadh. SNB's investment objective is not dependent on time, and the Saudi bank will exit when proper value to the shares is acquired, he added.
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