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☆ Factbox: Credit Suisse's strategic overhaul at a glance
  + stars: | 2022-10-27 | by ( ) www.reuters.com   time to read: +3 min
Here are main elements of the new strategy:CAPITALThe bank plans to raise 4 billion Swiss francs ($4.06 billion) to strengthen its balance sheet. It aims to reduce its cost base by 15%, or around 2.5 billion francs, to reach around 14.5 billion in 2025. INVESTMENT BANKThe bank will spin off its capital markets and advisory activities into a separate business as CS First Boston, in a renewal of a former brand. CS First Boston, will aim to attract third-party capital as well as a preferred long-term partnership with the new Credit Suisse. Credit Suisse will keep its Markets business, including the strongest trading business.
☆ The evolution of Credit Suisse over 166 years
  + stars: | 2022-10-27 | by ( ) www.reuters.com   time to read: +4 min
1990The group takes a controlling stake in U.S. investment bank CS First Boston and buys Bank Leu, a Swiss private bank. 1997A reorganisation turns CS Holding into Credit Suisse Group and drops the SKA name; it also buys insurer Winterthur, a strategic partner. 2002A reorganisation creates two units: Credit Suisse Financial Services and Credit Suisse First Boston; two years later it splits into three units by adding Winterthur. 2005Credit Suisse and CSFB merge and stop using the Credit Suisse First Boston brand name. In March, U.S. investment fund Archegos implodes, saddling Credit Suisse with a $5.5 billion loss.
☆ Credit Suisse's First Boston revival comes with talent and capital dilemmas
  + stars: | 2022-10-27 | by ( Pamela Barbaglia Anshuman Daga Andres Gonzalez | Pamela Barbaglia | Anshuman Daga | ) www.reuters.com   time to read: +6 min
LONDON, Oct 27 (Reuters) - Seeking to restore vigour to a business that's been languishing, Credit Suisse (CSGN.S) says it will reshape its investment bank by resurrecting the First Boston brand. Still, Credit Suisse says it expects CS First Boston to generate 14% of total group revenue by 2025, starting with annual sales of about $2.5 billion. Credit Suisse has been plagued by an exodus of senior bankers over the past 18 months. Yet most trading activities will remain within Credit Suisse, raising questions on CSFB's ability to compete with the likes of Goldman Sachs and JPMorgan (JPM.N). Credit Suisse is hoping to eventually pursue an initial public offering of CSFB, Körner told analysts.
☆ Saudi bourse gains on strong earnings, oil prices; Qatar falls
  + stars: | 2022-10-23 | by ( Ateeq Shariff | ) www.reuters.com   time to read: +2 min
Oct 23 (Reuters) - Saudi Arabia's stock market ended higher on Sunday, in response to rising oil prices and strong earnings, while the Qatari index retreated amid falling natural gas prices. Post trading hours, the company reported a quarterly net profit of 269.9 million riyals ($71.82 million), up from 18 million riyals a year ago. Saudi National Bank (<1180.SE>), the country's biggest lender, inched 0.3% higher, after posting a net profit of 4.725 billion riyals ($1.26 billion) in the quarter, up from 3.98 billion riyals a year earlier. read moreThe Qatari index (<.QSI>) fell 0.5%, hit by a 1.1% fall in petrochemical maker Industries Qatar (<IQCD.QA>). "The commodity could extend losses as production outpaces expectations and warm weather limits demand, putting more pressure on the stock market," he said.
☆ Emirates NBD sells $500 million in 5-year bonds
  + stars: | 2022-10-18 | by ( Yousef Saba | ) www.reuters.com   time to read: +2 min
DUBAI, Oct 18 (Reuters) - Dubai's biggest bank Emirates NBD sold $500 million in five-year bonds in its first public debt sale of the year which received more than $1 billion in orders, a bank document showed on Tuesday. The bank tightened the final spread by 20 basis points to 155 bps over U.S. Treasuries for the bonds sale arranged by Abu Dhabi Commercial Bank, Barclays, Emirates NBD Capital, HSBC, SMBC and Standard Chartered Bank. The sale came as Saudi Arabia and Abu Dhabi sovereign wealth fund Mubadala also issued bonds on Tuesday. Emirates NBD, nearly 56% owned by the government's Investment Corporation of Dubai, last sold bonds in the public debt markets in May last year, raising $750 million with Additional Tier 1 bonds non-callable for six years after raising the same amount via five-year bonds in January 2021. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yousef Saba; Editing by Clarence Fernandez and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.
☆ Abu Dhabi leads Gulf markets higher, conglomerate IHC soars
  + stars: | 2022-10-18 | by ( ) www.reuters.com   time to read: +2 min
Oct 18 (Reuters) - Most stock markets in the Gulf rose in early trade on Tuesday, tracking strength in Asian shares and oil prices, with the Abu Dhabi index outperforming the region led by a surge in International Holding Co (IHC) (IHC.AD). Register now for FREE unlimited access to Reuters.com RegisterInternational Holding will acquire Infinity's shares in Alpha Dhabi Holding, Multiply Group and Al Seer Marine in exchange for issuing capital increase share in the company. Saudi Arabia's benchmark index (.TASI) advanced 1.5%, with Al Rajhi Bank (1120.SE) rising 2% and the kingdom's largest lender Saudi National Bank (1180.SE) climbing 3.4%. read moreDubai's main share index (.DFMGI) was up 0.4%, led by a 1.2% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU). MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 1.55%, as the dramatic U-turn in British fiscal policy bolstered investor sentiment.
☆ A top Senate Democrat threatens to block US cooperation with Saudi Arabia as MBS deepens ties with Putin
  + stars: | 2022-10-10 | by ( John Haltiwanger | ) www.businessinsider.com   time to read: +4 min
Sen. Bob Menendez threatened to block cooperation with Saudi Arabia. Menendez went on to excoriate Saudi Arabia, OPEC's leading member, accusing it of helping "underwrite Putin's war through the OPEC+ cartel." The Kingdom of Saudi Arabia chose the latter in a terrible decision driven by economic self-interest," Menendez said. Relations between the US and Saudi Arabia have been on shaky ground for years, largely since the brutal 2018 murder of Jamal Khashoggi by agents of the Saudi government. On the campaign trail, President Joe Biden pledged to make Saudi Arabia a "pariah" over Khashoggi's murder.
☆ Gulf bourses slide on elevated interest rate worries
  + stars: | 2022-09-19 | by ( Ateeq Shariff | ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterBahraini traders are pictured in Bahrain Bourse in Manama, Bahrain, November 5, 2020. Dubai's main share index (.DFMGI) lost 0.4%, while the Abu Dhabi index (.FTFADGI) retreated 1%. In Qatar, the benchmark index (.QSI) slid 1.7% as most of the stocks on the index were in the negative territory including Qatar Islamic Bank (QISB.QA), which declined 4%. Outside the Gulf, Egypt's blue-chip index (.EGX30) rebounded 0.9% as investors traded into weakness after four consecutive days of decline tuned its stocks more attractive to buy in. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.
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