creditsuisse
The bank said the program will start on 3 April 2024 and end at the latest on 2 April 2026 or earlier, if either the maximum amount of $2 billion has been reached or 10% of the registered share capital has been repurchased. "Based on the closing price of the UBS registered share on the SIX Swiss Exchange on 27 March 2024 and the closing USD/CHF FX rate on 27 March 2024, this corresponds to some 64.1 million registered shares or around 1.85% of the registered share capital of UBS. The share repurchase will be conducted via a separate trading line on the SIX Swiss Exchange. The shares will be re...
Euronews (English)
UBS Chief Executive Officer Sergio Ermotti earned 14.4 million Swiss francs (€14.7 million) in compensation for his nine months on the job in 2023, according to the bank's annual report. This is more than what the CEO of HSBC, Europe's biggest bank, received last year, sending Ermotti to the top of the best-paid European bank executives' list. He rejoined UBS in April 2023 to orchestrate the multi-year work of the emergency takeover of Credit Suisse, after serving as CEO of the banking group from November 2011 to October 2020. Ermotti's pay package is more than that of HSBC's Noel Quinn (€12.4...
Euronews (English)
Swiss banking giant UBS Group AG and Apollo Global Management Inc of the United States announced on Wednesday that they have entered into an agreement to finalize the spin-off of investment firm Atlas SP. This is the final step in carve-out of former Credit Suisse Securitized Products business, Atlas SP in which UBS will close out an investment management agreement with Atlas. As part of the deal, Apollo will purchase $8 billion of senior secured financing facilities from UBS. UBS Group expects to recognize a net gain in the first quarter of around $0.3 billion from the conclusion of these agr...
DPA
Swiss banking giant UBS Group AG and Apollo Global Management Inc of the United States announced on Wednesday that they have entered into an agreement to finalize the spin-off of investment firm Atlas SP. This is the final step in carve-out of former Credit Suisse Securitized Products business, Atlas SP in which UBS will close out an investment management agreement with Atlas. As part of the deal, Apollo will purchase $8 billion of senior secured financing facilities from UBS. UBS Group expects to recognize a net gain in the first quarter of around $0.3 billion from the conclusion of these agr...
DPA International
Swiss banking giant UBS Group AG and Apollo Global Management Inc of the United States announced on Wednesday that they have entered into an agreement to finalize the spin-off of investment firm Atlas SP. This is the final step in carve-out of former Credit Suisse Securitized Products business, Atlas SP in which UBS will close out an investment management agreement with Atlas. As part of the deal, Apollo will purchase $8 billion of senior secured financing facilities from UBS. UBS Group expects to recognize a net gain in the first quarter of around $0.3 billion from the conclusion of these agr...
DPA Breaking News
Thomas Jordan will hand over his title as chairman of the Swiss National Bank (SNB) in September, the institution announced on Friday. The 61-year-old, known for his unorthodox monetary policy, had been due to finish his term in 2027. The resignation is a momentous moment for the country’s financial industry given Jordan’s high-profile status. After joining the SNB in 1997, Jordan took up the role of chair in 2012, and has since steered the bank through a number of pivotal moments. He notably managed the tail end of the euro-area debt crisis, a period where several of Europe’s major financial ...
Euronews (English)
UBS Group AG reported a pretax loss of $751 million (€699.7 million) for the closing three months last year, as the Swiss banking giant continued to integrate its longtime rival Credit Suisse after a government-orchestrated merger. A big part of the Zurich-based lender's losses, $508 million (€473 million), was linked to an investment in SIX Group, which operates Switzerland's main stock market. The net loss in the quarter came in at $279 million (€260 million), which translates to a loss of 9 cents per share. The result is still better than what investors and market analysts expected, as the ...
Euronews (English)
By Mohammed Kudrati The Reserve Bank of India [RBI] today kept its benchmark policy repo range unchanged at 6.5% for the first time after six bi-monthly rate hikes since 2022. This move was voted on unanimously at the bi-monthly meeting its six-member Monetary Policy Committee. In his address, Governor Shaktikanta Das, however, said that the RBI would be ready to adapt to any circumstances and said that the pause was for this meeting only. "Let me emphasise that the decision to pause on the repo rate is for this meeting only", he said. He explained this pause by citing financial turbulence abr...
BOOM Live
By Mohammed Kudrati The collapse of five banks over 12 days has caused shockwaves throughout global financial markets. These five banks are spread across the United States and Europe. There is little to link them directly, except the general trends of central banks raising interest rates to combat inflation and COVID-19 pandemic-era easy money policies. However, their near simultaneous troubles have led to regulators across the globe hurriedly taking measures to prevent further crisis. Though not all of these five banks have failed, and a larger domino effect is yet to be observed; the pace of...
BOOM Live
By Mohammed Kudrati Swiss multinational banking group UBS announced that it was acquiring its smaller peer Credit Suisse in an all-share transaction worth $3.2 billion late on Sunday night. The transaction is expected to close in the second quarter of 2023 and has full government approval as it was facilitated by the trio of the Swiss National Bank, the Swiss Federal Ministry of Finance and FINMA, the Swiss market regulator. Swiss authorities have pushed the deal through based on emergency powers which ensures that the deal will not require any shareholder approval. The follows a five-day orde...
BOOM Live
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