The agreement was made “urgently” and “under pressure” from Switzerland’s main economic partners to avoid widespread panic on the stock markets. The Swiss government will provide a guarantee of 9 billion euros to UBS for the acquisition. Switzerland’s largest bank, UBS, under pressure from the authorities, agreed on Sunday to buy rival Credit Suisse for … Read more
Zurich, Frankfurt The struggle for the future of Credit Suisse is over: UBS takes over the second largest Swiss bank. The Swiss National Bank (SNB) is supporting the emergency merger with liquidity assistance amounting to CHF 100 billion, as the government, financial regulator and the two banks announced in a joint press conference. UBS pays … Read more
Saturday March 18, 2023 Swiss bank checks purchase UBS is in talks about a Credit Suisse takeover The Swiss National Bank is hoping for a “simple solution before the markets open on Monday,” according to an anonymous source. (Foto: picture alliance/dpa/KEYSTONE) The major bank Credit Suisse is experiencing a turbulent week. The Swiss National Bank … Read more
Dhe former Chairman of the Board of Directors of the major Swiss bank UBS, Axel Weber, switches to the consulting business. Weber started at the Boston Consulting Group (BCG) last week, the management consultancy confirms on request. Weber will assume the position of Global Senior Advisor. In a post on the LinkedIn careers platform, BCG … Read more
euros and US dollars For the first time since October 2002, the two currencies are worth the same again. (Photo: dpa) Frankfurt, New York It’s a historic date: on Tuesday morning, the euro briefly fell to par with the US dollar. The last time the common currency was this weak was almost two decades ago … Read more
Swiss National Bank Banks that have gotten into difficulties would already receive emergency liquidity from the Swiss National Bank. (Photo: Archyde.com) Zürich The Swiss government wants to facilitate the restructuring of systemically important banks with a state liquidity guarantee. In order to increase the confidence of market participants in the ability of an institution to … Read more
Frankfurt On February 24, an A350 left the delivery airport of the manufacturer Airbus in Toulouse for Moscow. At this point, the wide-body jet is already fully owned by Aeroflot – luckily for the Russian airline, it turns out. A few hours later, the extradition would have violated EU sanctions. The ninth of the 22 … Read more
Oliver Bäte The dispute also has a significant impact on the result of the entire group. (Photo: dpa) Frankfurt, Munich Allianz has taken another step forward in reappraising its failed hedge fund strategies in the US. “We concluded an agreement with key investors this morning,” said CEO Oliver Bäte at a press conference on Friday. … Read more