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☆ UBS completes Credit Suisse takeover to become wealth management behemoth
▼ + stars: | 2023-06-12 | by ( Noele Illien | ) www.reuters.com time to read: +5 min

ZURICH, June 12 (Reuters) - UBS (UBSG.S) on Monday said it had completed its emergency takeover of embattled local rival Credit Suisse (CSGN.S), creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management. The merger also brings to an end Credit Suisse's 167-year history, marred in recent years by scandals and losses. Credit Suisse shares were up 0.9% on their last day of trading, while UBS were up around 0.8% in early trade. UBS is set to book a massive profit in second-quarter results on Aug. 31 after buying Credit Suisse for a fraction of its so-called fair value. Ermotti has, however, warned the coming months will be "bumpy" as UBS gets on with absorbing Credit Suisse, a process UBS has said will take three to five years.

Persons: Sergio Ermotti, Colm Kelleher, Jean Dermine, Arturo Bris, Ermotti, Noele Illien, John O'Donnell, Miranda Murray, Tomasz Janowski, Edwina Gibbs Organizations: UBS, Credit Suisse, Swiss, Banking, Finance, INSEAD, IMD, Competitiveness, U.S, NEXT, Credit, Thomson Locations: ZURICH, Swiss, Switzerland

☆ UBS CEO says around 10% of Credit Suisse employees have left the bank
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

ZURICH, June 12 (Reuters) - UBS's (UBSG.S) Chief Executive Sergio Ermotti said around 10% of Credit Suisse (CSGN.S) staff have already left the company before its takeover by his bank. "It's true that around 10% of the workforce have already left in the last few months before the takeover," Ermotti told Swiss broadcaster SRF in an interview. UBS earlier on Monday said it had completed its emergency takeover of stricken local rival Credit Suisse, creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management. The two banks jointly employ 120,000 worldwide, although UBS has already said it will be cutting jobs to reduce costs and take advantage of synergies. UBS also announced a raft of management changes following the takeover.

Persons: Sergio Ermotti, Ermotti, Noele Illien, John Revill Organizations: Credit Suisse, SRF, UBS, Thomson Locations: ZURICH, Swiss

☆ UBS completes Credit Suisse takeover
▼ + stars: | 2023-06-12 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —UBS has finalized its emergency takeover of fallen rival Credit Suisse, creating a giant Swiss bank with nearly $1.7 trillion in assets in the biggest banking tie-up since the 2008 global financial crisis. The government has said that allowing Credit Suisse (CS) — one of the world’s 30 most important banks — to fail would probably have triggered an international financial crisis. Swiss taxpayers are on the hook for up to 9 billion Swiss francs ($10 billion) of losses that UBS may incur from certain Credit Suisse assets, over and above losses of 5 billion francs ($5.5 billion) that UBS has agreed to bear itself. Investors have already sued the Swiss financial regulator over its decision to impose those losses on them, Reuters has reported. Credit Suisse bled customer deposits worth 67 billion francs ($74.3 billion) in the first three months of the year, adding to massive withdrawals at the end of last year.

Persons: FINMA, “ FINMA, “, Sergio Ermotti, Colm Kelleher, Ermotti, Kelleher, ” Organizations: London CNN, UBS, Credit Suisse, Swiss, Financial Times, CNN, Suisse, Reuters, Credit, Silicon Valley Bank, Signature Bank Locations: Swiss, Switzerland, Silicon, United States

THE SWISS BANKPossibly the first hurdle is a politically fraught decision on Credit Suisse's "crown jewel", its domestic business. But UBS will have to weigh that against public pressure to keep the Credit Suisse business separate with its own brand, identity and, critically, workforce. However, insiders talk of rivals aggressively wooing Credit Suisse clients and employees. Clients who would typically bank both with UBS and Credit Suisse to spread their risk, might now take some of that business elsewhere. One potential risk stems from legal challenges to the decision by Swiss authorities to write off special AT1 bonds issued by Credit Suisse.

Persons: Sergio Ermotti, Ermotti, Colm Kelleher, Alan Mudie, Arturo Bris, Kelleher, Lars Schweizer, John Revill, Oliver Hirt, Noele Illien, Tomasz Janowski, Elisa Martinuzzi, Alexander Smith Organizations: Credit Suisse, UBS, Suisse, Woodman Asset Management, Finance, International Institute for Management Development, Reuters Graphics, Credit, Frankfurt University, Barclays, Thomson Locations: ZURICH, Switzerland, Swiss, Lausanne

☆ Morning Bid: Markets in a spin ahead of interest rate decisions
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

It's a big week for markets with interest rate decisions from the three major central banks coming one after another. And one take away from last week's surprise rate increases in Canada and Australia, is not to take anything for granted. The European Central Bank is tipped to deliver a quarter-point rate hike on Thursday, while on Friday the Bank of Japan is expected to maintain ultra-loose monetary policy. Last week's rate decisions support this idea -- the Bank of Canada hiked rates last Wednesday to a 22-year high of 4.75%, having held rates steady since January. A day earlier, Australia's central bank raised rates by a quarter point to an 11-year high and warned of further tightening ahead.

Persons: Sergio Ermotti, Dhara Ranasinghe, Ed Osmond Organizations: Wall, U.S . Federal Reserve, European Central Bank, Bank of, Bank of Canada, Citi, Federal Reserve, U.S . Treasury, Treasury, UBS, Credit Suisse, Thomson Locations: U.S, Dhara, It's, Canada, Australia, Bank of Japan, Europe, Swiss, Switzerland

☆ UBS says it has completed the takeover of stricken rival Credit Suisse
▼ + stars: | 2023-06-12 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

UBS expects to complete its takeover of Credit Suisse "as early as June 12", which will create a giant Swiss bank with a balance sheet of $1.6 trillion. Swiss bank UBS on Monday said that it formally completed the takeover of its rival Credit Suisse. Regulators said Friday that they would cover losses of up to 9 billion Swiss francs ($10 billion) after UBS incurs the first 5 billion Swiss francs as part of the transaction, as it absorbs a portfolio that does not entirely "fit its business and risk profile." Following the acquisition, Credit Suisse and its American Depositary Shares will be delisted from the SIX Swiss Exchange and New York Stock Exchange, with shareholders receiving one UBS share for every 22.48 Credit Suisse shares held. The takeover, which follows multiple scandals and years of share price decline at Credit Suisse, controversially wiped out the 16 billion Swiss francs ($17 billion) worth of assets of the bank's AT1 bond holders.

Persons: Colm Kelleher, Sergio Ermotti Organizations: UBS, Credit Suisse, Regulators, American, SIX Swiss Exchange, New York Stock Exchange Locations: Swiss

☆ Europe stocks higher ahead of central bank meets; UBS up 1% after completing Credit Suisse takeover
▼ + stars: | 2023-06-12 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets were higher Monday morning as investors prepare for a week of key central bank meetings in the United States, Asia and Europe. Switzerland's UBS moved higher after announcing it had completed the takeover of its embattled former rival Credit Suisse, which will cease trading. Under the deal terms, Credit Suisse shareholders receive one UBS share for every 22.48 outstanding shares held. Shares of the bank extended gains to 1% after it said it expected that Credit Suisse operating losses and "significant" restructuring charges would be offset by reductions in risk-weighted assets. The U.S. Federal Reserve will announce its latest monetary policy move Wednesday, while the European Central Bank will follow with its decision on Thursday.

Persons: Sergio Ermotti Organizations: Switzerland's UBS, Credit Suisse, UBS, U.S . Federal, European Central Bank, Japan's Locations: London, United States, Asia, Europe, Pacific

☆ Watch CNBC's full interview with UBS CEO Sergio Ermotti
▼ + stars: | 2023-06-12 | 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 EmailWatch CNBC's full interview with UBS CEO Sergio ErmottiUBS CEO Sergio Ermotti joins 'Squawk Box' to discuss the bank's takeover of its rival Credit Suisse, the state of the banking industry, and more.

Persons: Sergio, Sergio Ermotti Organizations: UBS, Credit Suisse

☆ UBS just reshuffled its leadership ranks after buying Credit Suisse. See the new power players in charge of the $1.7 trillion Swiss banking behemoth.
▼ + stars: | 2023-06-12 | by ( Michelle Abrego | Kaja Whitehouse | ) www.businessinsider.com time to read: +11 min

The merger between Credit Suisse and UBS creates a new Swiss banking behemoth with $1.7 trillion in assets. Investment bank leadersThe president of UBS's investment bank, Robert Karofsky, circulated a memo on Monday announcing his new leadership team. Ebert, co-head of markets at Credit Suisse, was also named head of Credit Suisse for the Investment Bank, reporting to Karofsky. UBS global wealth management president Iqbal Khan revealed the appointments to its critical wealth business in an internal memo titled "Becoming a global wealth powerhouse." Members of the current Credit Suisse wealth management leadership team will report to both Yves-Alain and to their respective UBS global wealth management regional leader.

Persons: Yves, Alain Sommerhalder, Michael Ebert, Robert Karofsky, Ebert, Karofsky, Marco Valla, Valla, Javier Oficialdegui, Mike, I've, George Athanasopoulos, Jason Barron, Ros L'Esperance, Dan Dowd, Taichi Takahashi, Chris Leone, Julie Beavan, Tricia Hazelwood, Jeff Hinton, Kurt Anthony, Laurence Braham, Richard Hardegree, Richard Casavechia, Ozzie Ramos, Jason Williams, Neil Meyer, Ken Tittle, Iqbal Khan, Francesco De Ferrari, Khan, Reuters Yves, Alain, Wiwi Gutmannsbauer, Benjamin Cavalli, Cavalli, Kinner, Amy Lo, Jin Yee Young, Young, Hatecke, UBS's Anton Simonet, Christl, Jason Chandler, Sergio Ermotti, Ralph Hamers, Ermotti, MICHELE LIMINA, Todd Tuckner, Sarah Youngwood, Michelle Bereaux, Stefan Seiler, Christian Bluhm, Damian Vogel, Ulrich Körner Organizations: UBS, Credit Suisse, Suisse, Credit, Wall Street, Investment, Investment Bank, Barclays, Global Banking, Investment Bank Management, Global Markets, Global Research, IB, Resource Management, Staff, MUFG Securities, Reuters, Yves, Deutsche, Switzerland, Swiss Re, Getty Locations: Switzerland's, Swiss, Americas, Asia, Singapore, Switzerland, Europe, Middle East, Africa, America, AFP

☆ Credit Suisse CEO memo signals UBS deal to close Monday - Bloomberg
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +1 min

June 10 (Reuters) - Credit Suisse Group AG (CSGN.S) Chief Executive Ulrich Koerner has indicated that the emergency takeover of the bank by UBS AG (UBSG.S) will close on Monday, Bloomberg News reported on Saturday, citing an internal memo. "Monday's legal close is the next important step as we work to get you the answers you need as quickly as possible." On Friday, UBS Chief Executive Sergio Ermotti hinted the takeover of Credit Suisse would close on Monday, the earliest expected date. Earlier on Friday, the Swiss government agreed with UBS to guarantee up to 9 billion Swiss francs ($9.96 billion) of losses the bank may incur from the sale of its rival's assets beyond 5 billion francs the lender is due to cover itself. Credit Suisse and UBS did not immediately respond to a Reuters request for comment.

Persons: Ulrich Koerner, " Koerner, Sergio Ermotti, Urvi, Andrew Cawthorne, Mike Harrison Organizations: Credit Suisse Group AG, UBS AG, Bloomberg, UBS, Credit Suisse, Thomson Locations: Swiss, Bengaluru

☆ Credit Suisse CEO memo signals UBS deal to close Monday, Bloomberg reports
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +1 min

June 10 (Reuters) - Credit Suisse Group AG (CSGN.S) Chief Executive Ulrich Koerner has indicated that the emergency takeover of the bank by UBS AG (UBSG.S) will close on Monday, Bloomberg News reported on Saturday, citing an internal memo. "Monday's legal close is the next important step as we work to get you the answers you need as quickly as possible." On Friday, UBS Chief Executive Sergio Ermotti hinted the takeover of Credit Suisse would close on Monday, the earliest expected date. Earlier on Friday, the Swiss government agreed with UBS to guarantee up to 9 billion Swiss francs ($9.96 billion) of losses the bank may incur from the sale of its rival's assets beyond 5 billion francs the lender is due to cover itself. UBS declined to comment, while Credit Suisse did not immediately respond to a Reuters request for comment.

Persons: Ulrich Koerner, " Koerner, Sergio Ermotti, Urvi, Andrew Cawthorne, Mike Harrison, Louise Heavens Organizations: Credit Suisse Group AG, UBS AG, Bloomberg, UBS, Credit Suisse, Thomson Locations: Swiss, Bengaluru

☆ UBS’s state aid is a disaster insurance policy
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 9 (Reuters Breakingviews) - Sergio Ermotti has a taxpayer safety net, but it only kicks in if things get really bad. The state will eat 9 billion Swiss francs ($10 billion) of losses on certain assets once UBS has swallowed an initial 5 billion Swiss francs. The actual contract, despite being 94 pages long, is missing the most important number: how many assets are covered by the agreement. UBS in mid-May said it would write down the value of Credit Suisse’s assets by $10 billion. To breach its initial loss threshold, the assets would have to fall 11% below their already discounted value.

Persons: Sergio Ermotti, Liam Proud, Xavier Niel, George Hay, Oliver Taslic Organizations: Reuters, UBS, Credit Suisse, Finance, Suisse’s, Twitter, Toyota, Thomson

☆ UBS and Swiss government sign Credit Suisse loss-sharing deal clearing way for deal to close
▼ + stars: | 2023-06-09 | by ( ) edition.cnn.com time to read: +4 min

UBS and the Swiss government have agreed on how they will share losses linked to the bank’s emergency takeover of Credit Suisse, which will create a giant Swiss bank. The agreement announced Friday has been negotiated since the rescue of Credit Suisse (CS) in March. The Swiss government will guarantee up to 9 billion Swiss francs ($9.98 billion) of losses that UBS may incur from the sale of its rival’s assets beyond 5 billion francs, which the lender is due to cover itself. The Swiss government made the cash available to facilitate the emergency takeover of Credit Suisse and avoid a broader banking crisis that a collapse of the lender could provoke. The loss protection agreement will become effective with the completion of the Credit Suisse takeover, expected as early as June 12, UBS said in a separate statement.

Persons: Sergio Ermotti, ” Ermotti, “, Ermotti, Andreas Venditti, ” Organizations: UBS, Swiss, Credit Suisse, Swiss Economic, country’s Social, Credit Suisse’s Locations: Swiss, Switzerland, Interlaken

☆ UBS’s $10 bln state guarantee is a useful fantasy
▼ + stars: | 2023-06-07 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, June 7 (Reuters Breakingviews) - UBS (UBSG.S) and the Swiss government have negotiated a state backstop that neither side wants to use. The scheme, designed to sweeten the Credit Suisse (CSGN.S) rescue, would see the government cover $10 billion of losses on former Credit Suisse assets after UBS swallows the first $6 billion. One option could be for the state to guarantee only a limited subset of former Credit Suisse assets – just the ones that UBS plans to get rid of, for example, like fixed-income derivatives. The government could also insist on dividend or buyback restrictions if the Swiss bank ever taps the scheme. The guarantee would only kick in after UBS has swallowed 5 billion Swiss francs ($6 billion) of losses.

Persons: Sergio Ermotti, Karin Keller, Sutter, Ermotti, that’s, ”, Neil Unmack, Oliver Taslic Organizations: Reuters, UBS, Swiss, bank’s, Credit Suisse, Switzerland’s Social, –, RBC, AG, U.S . Securities, Exchange Commission, Thomson Locations: Swiss

June 5 (Reuters) - UBS Group AG (UBSG.S) is looking to retain more than 100 Credit Suisse Group AG (CSGN.S) investment bankers across Asia as part of a plan to shore up talent in markets where its rival has a stronger presence, a source with direct knowledge of the matter said. Bloomberg said that UBS's retention target of more than 100 bankers did not include China. UBS and Credit Suisse declined to comment on the report. Credit Suisse also declined to say how many investment bankers it currently employs in Asia. Reuters last month reported that hundreds of Credit Suisse employees are resigning each week in a sign of the uncertainty gripping the lender while it is being taken over by its larger rival.

Persons: Sergio Ermotti, Yana Gaur, Jamie Freed, Kirsten Donovan Organizations: UBS Group AG, Credit Suisse Group AG, Suisse's, Reuters, Bloomberg News, Bloomberg, UBS, Credit Suisse, Thomson Locations: Asia, South Korea, Thailand, Vietnam, India, China, Bengaluru

☆ UBS to retain more than 100 Credit Suisse bankers in Asia -Bloomberg News
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 4 (Reuters) - UBS Group AG (UBSG.S) is looking to retain more than 100 Credit Suisse Group AG (CSGN.S) investment bankers across Asia, as the Swiss banking giant plans to shore up talent in markets where its rival has a stronger presence, Bloomberg News reported on Sunday. Bloomberg said that Switzerland's biggest bank's retention target of more than 100 bankers did not include China. It has held talks with a few bankers in China, but the final number being kept will depend on discussions with regulators, the report added. UBS did not immediately respond to a request for comment on the report, while Credit Suisse declined to comment. Reuters last month reported that hundreds of Credit Suisse employees are resigning each week in a sign of uncertainty gripping the lender while it is being taken over by its larger rival.

Persons: Sergio Ermotti, Mrinmay Dey, Jamie Freed Organizations: UBS Group AG, Credit Suisse Group AG, Bloomberg, Suisse's, UBS, Credit Suisse, Reuters, Thomson Locations: Asia, Swiss, South Korea, Thailand, Vietnam, India, China, Bengaluru

☆ Countdown to mega merger - how Credit Suisse wobbled and UBS rushed to rescue
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +6 min

March 19: An emergency rescue of Credit Suisse, brokered by the Swiss government, central bank and financial regulator, is announced. March 23: Switzerland's financial market regulator FINMA defends its decision to impose steep losses on Credit Suisse bondholders, calling the decision legally watertight. Separately, some holders of Credit Suisse AT1 bonds wiped out by the merger instruct lawyers to represent them for possible litigation to recover losses. April 6 - UBS CEO Ermotti tells Credit Suisse staff to stay focussed on the business, but warns of "change and hard decisions" ahead. April 15 - The Federal Reserve approves UBS's acquisition of the U.S. subsidiaries of Credit Suisse.

Persons: Greensill, FINMA, Sergio Ermotti, Axel Lehmann, Ulrich Koerner, Ermotti, John Revill, Tomasz Janowski Organizations: UBS, Credit Suisse, Suisse, U.S . Securities, Exchange Commission, SEC, Silicon Valley Bank, Swiss National Bank, Saudi National Bank, Credit, Swiss Bank Employees Association, Federal Reserve, Court, Switzerland's Social Democratic Party, Thomson Locations: ZURICH, Silicon, Swiss, Switzerland

☆ UBS expects to seal Credit Suisse takeover as early as June 12
▼ + stars: | 2023-06-05 | by ( John Revill | ) www.reuters.com time to read: +5 min

"UBS expects to complete the acquisition of Credit Suisse as early as 12 June 2023. At that time, Credit Suisse Group AG will be merged into UBS Group AG," it said. UBS shares were indicated 1.1% higher in premarket activity in Switzerland, while Credit Suisse shares were up 0.7%. SIX said in a separate statement Credit Suisse shares would be delisted on June 13 at the earliest. Under the all-share takeover, Credit Suisse shareholders will receive one UBS share for every 22.48 shares they held.

Persons: Zuercher, Michael Klien, Sergio Ermotti, Ermotti, John Revill, Noele, Tomasz Janowski Organizations: Suisse, UBS, Credit Suisse, U.S . Securities, Exchange Commission, Credit Suisse Group AG, UBS Group AG, Reuters, Swiss, SIX Swiss Exchange, New York Stock Exchange, SIX, Financial Times, Thomson Locations: premarket ZURICH, Swiss, Switzerland, Credit

☆ UBS considers delaying results after Credit Suisse rescue, Financial Times
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +1 min

June 4 (Reuters) - UBS (UBSG.S) is considering delaying its quarterly results at least until the end of August, as the Swiss banking giant deals with complexities over its takeover of Credit Suisse (CSGN.S), the Financial Times reported on Sunday. The bank is scheduled to report its April-June results on July 25. "Publication date may change depending on the timing of the closing of the anticipated acquisition of Credit Suisse," the notice says. UBS, which agreed in March to take over its smaller rival as part of a rescue orchestrated by Swiss authorities, has said it aims to close the deal quickly. Reporting by Mrinmay Dey in Bengaluru; Editing by William Mallard and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Ermotti, Mrinmay Dey, William Mallard, Sonali Paul Organizations: UBS, Credit Suisse, Financial Times, Switzerland's, Credit, Swiss, Thomson Locations: Swiss, Bengaluru

☆ UBS considers delaying results after Credit Suisse rescue - FT
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +1 min

[1/3] The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland October 25, 2022. REUTERS/Arnd WiegmannJune 4 (Reuters) - UBS (UBSG.S) is considering delaying its quarterly results at least until the end of August, as the Swiss banking giant deals with complexities over its takeover of Credit Suisse (CSGN.S), the Financial Times reported on Sunday. The bank is scheduled to report its April-June results on July 25. "Publication date may change depending on the timing of the closing of the anticipated acquisition of Credit Suisse," the notice says. Reporting by Mrinmay Dey in Bengaluru; Editing by William Mallard and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Sergio Ermotti, Mrinmay Dey, William Mallard, Sonali Paul Organizations: Swiss, UBS, REUTERS, Credit Suisse, Financial Times, Switzerland's, Credit, Thomson Locations: Zurich, Switzerland, Swiss, Bengaluru

☆ UBS CEO warns of painful jobs decisions after Credit Suisse takeover
▼ + stars: | 2023-06-02 | by ( John Revill | ) www.reuters.com time to read: +2 min

BERN, June 2 (Reuters) - UBS (UBSG.S) Chief Executive Sergio Ermotti on Friday warned of painful decisions about job cuts following the takeover of Credit Suisse (CSGN.S), which he said he hoped would be formalised in coming days. Synergies is part of the story," Ermotti said at an event organised by the Asset Management Association Switzerland in Bern. That management reshuffle only saw Credit Suisse CEO Ulrich Koerner joining the top leadership. Switzerland's Social Democratic Party has drawn up proposals to shrink UBS assets after its takeover of Credit Suisse to reduce the risk of another expensive state-backed rescue. "I don't think we are too big for Switzerland," Ermotti said, adding that in banking "size matters."

Persons: Sergio Ermotti, Ermotti, Ulrich Koerner, John Revill, Tomasz Janowski Organizations: UBS, Credit Suisse, Asset Management Association, Swiss, Switzerland's Social Democratic Party, Thomson Locations: BERN, Bern, Switzerland

Embattled Credit Suisse had been preparing for years to set up a wholly owned local bank in China. Credit Suisse and UBS declined to comment. The clock is ticking for UBS to close the deal with Credit Suisse. The China Securities Regulatory Commission did not immediately respond to a Reuters request for comment. UBS currently runs a 67%-owned securities joint venture with a Beijing state-owned company.

Persons: Sergio Ermotti, Summer Zhen, Selena Li, Engen Tham, Sumeet Chatterjee, Muralikumar Organizations: Credit Suisse, UBS, Swiss, Credit, National Financial Regulatory Administration, Suisse's, China Securities Regulatory Commission, Thomson Locations: HONG KONG, SHANGHAI, China, Swiss, Beijing, Hong Kong, Shanghai

☆ Switzerland's Social Democrats propose shrinking UBS
▼ + stars: | 2023-05-30 | by ( John Revill | ) www.reuters.com time to read: +3 min

The left-leaning party will propose to cap the bank's assets at half of Switzerland's gross domestic product, effectively forcing the new UBS to slash its assets to a quarter of their current level. Social Democrats are the second-biggest party in the lower house, but with only 39 of the 200 seats will need support of other parties. The Swiss People's Party, which has 53 lower house seats, joined the Social Democrats in rejecting the government's aid package for the merger last month and has also called for no more taxpayer-funded bailouts for banks. An alternative, also considered by the Social Democrats, would be imposing higher capital requirements if the bank's assets rose above 50% of Swiss GDP. "The aim is for UBS to become smaller," Marti told the newspaper.

☆ UBS kitchen sink has protection from further leaks
▼ + stars: | 2023-05-17 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

UBS (UBSG.S) late on Tuesday released a regulatory filing showing what the bank’s accounts may look like after its roughly $4 billion acquisition of Credit Suisse (CSGN.S). For starters, the filing is peppered with caveats, including that UBS still hasn’t managed to complete detailed valuations of the assets. At roughly 2% of Credit Suisse’s overall loans and financial assets, the haircuts do seem rather modest. The filing’s risk factors note that UBS might inherit future court cases that could stem from the cancellation of Credit Suisse’s Additional Tier 1 bonds, for example. Ermotti might not have performed a total kitchen sink, but his investors needn’t be too concerned.

☆ UBS CEO Ermotti: Credit Suisse no longer seeing outflows, situation has stabilized
▼ + stars: | 2023-05-12 | by ( ) www.cnbc.com time to read: 1 min

UBS appointed Sergio P. Ermotti as its group Chief Executive Officer following its agreement to acquire Credit Suisse. UBS Chief Executive Sergio Ermotti said on Friday that the situation at Credit Suisse has stabilized and he did not think outflows at the embattled bank were continuing. Addressing the Swiss Media Forum in Lucerne, Ermotti also said he hoped there would be an investigation into Credit Suisse's Group downfall, which prompted his bank's takeover of its Swiss rival as part of a rescue orchestrated by the Swiss authorities. He said UBS was on track to close the transaction within three months from its March 19 announcement.

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