|Bid||0.00 x 4000|
|Ask||0.00 x 3100|
|Day's range||9.08 - 9.31|
|52-week range||6.47 - 14.12|
|Beta (5Y monthly)||1.58|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||0.07 (0.81%)|
|Ex-dividend date||07 May 2020|
|1y target est||12.55|
The banks that lent $518 million(423.62 million pounds) to Luckin Coffee Chairman Charles Zhengyao Lu have started court proceedings to liquidate his private company, a government gazette for the British Virgin Islands showed. The notice, published on Thursday and reproduced in Hong Kong media on Friday, names Credit Suisse as the security agent, which means it will act on behalf of the banks behind the loan. Credit Suisse has proposed Grant Thornton be appointed as liquidators of Haode Investments Co., Mr Lu's private company, which is registered in the Virgin Islands.
Swiss regulators have requested electronic messaging data from the mobile phones of several Credit Suisse managers and supervisory board directors as part of a probe into spying at the bank, three people familiar with the matter said. Switzerland's markets watchdog FINMA is examining the culture and governance at one of Europe's largest banks and whether management control failures allowed spying on former executive board members Iqbal Khan and Peter Goerke, the sources told Reuters. The sources did not identify which managers and board directors FINMA was seeking the mobile phone data for.
Credit Suisse (SIX:CSGN) analyst Erin Wright maintained a Hold rating on Covetrus (NASDAQ:CVET) Inc on Thursday, setting a price target of $10, which is approximately 17.90% below the present share price of $12.18.
The timing of Iqbal Khan’s arrival at UBS, the world’s biggest wealth manager, late last year could have been very unfortunate — the Covid-19 pandemic struck just three months after the high-flying Swiss private banker took up his new top job. Powering the increase was a 41 per cent gain in pre-tax profits to $1.2bn in the dominant global wealth management division, where Mr Khan was appointed co-head alongside UBS veteran Tom Naratil.
Shareholder support for Credit Suisse Chairman Urs Rohner dropped to its lowest level ever on Thursday, as Rohner told the Swiss bank's annual meeting that its search for his successor was well under way. The 21.6% opposition he faced was the highest in his nearly a decade as chairman. It follows a spying scandal that cost former CEO Tidjane Thiam his role in February and divided investors over who ultimately should bear responsibility in the bank's highest ranks.
Credit Suisse has bulked up on provisions for expected credit losses and cautioned over uncertainty during the coronavirus outbreak, even as it posted a 75% rise in first-quarter net profit on Thursday, far outpacing expectations. The first major European lender to report earnings since the pandemic upended markets and brought businesses and economies to a halt, Credit Suisse said it built up over one billion Swiss francs in reserves during the quarter to reflect the challenging environment and pressure on oil prices. "I'm actually taking a lot of comfort in how we have managed so far in this crisis... We are very cautious, we are very aware of the overall slowdown in the economy," said Thomas Gottstein, presenting the bank's results for the first time since taking over as chief executive from Tidjane Thiam in February.
Credit Suisse has received regulatory approval to take a majority stake in its Chinese investment banking joint venture, the bank said in a statement on Friday. It is the latest international investment bank to receive approval from the China Securities Regulatory Commision (CSRC), after the rules limiting foreign banks to 49% ownership of their China operations were eased in 2018. Bankers say that majority control allows them to make better use of their global network to win market share in China.
Proxy adviser ISS has backed Credit Suisse's proposals for its annual general meeting on April 30, recommending shareholders vote in favour of the group's pay proposals and approve the performance of its leadership. The ISS recommendations, seen by Reuters, come as a boost for the Swiss bank after Glass Lewis advised shareholders to deny its leadership a discharge following a spying scandal that cost ex-boss Tidjane Thiam his job. Financial market supervisor FINMA is probing the bank's conduct in the affair, and has appointed an independent auditor to investigate whether management control failures led to Switzerland's second-largest bank snooping on two former executives last year.
Credit Suisse has lost a bid to block an auditor appointed by Switzerland's financial supervisor as part of its probe into the bank's spying scandal, court documents show, with judges ruling the Swiss bank's objections were unfounded. Switzerland's second-biggest bank had sought to scuttle watchdog FINMA's appointment of Thomas Werlen, of international law firm Quinn Emanuel Urquhart & Sullivan, on grounds the firm and Werlen lacked sufficient independence, the decision showed, but a Swiss federal court found the move fulfilled necessary requirements.
European stock markets are set to edge higher Tuesday, as traders return from the Easter break hopeful the coronavirus outbreak may be peaking. At 2:15 AM ET (0600 GMT), the DAX futures contract in Germany traded 0.3% higher. CAC 40 futures were up 1.7%, while the FTSE 100 futures contract in the U.K. rose 0.2%.
Swiss banks UBS and Credit Suisse will postpone paying out part of their 2019 dividends until later this year after mounting pressure from authorities over lenders' payouts during the coronavirus epidemic. The two banks were the remaining major European lenders to resist requests to change their dividend policy. Switzerland's two biggest banks said their strong capital and liquidity positions would have allowed them to support the Swiss economy and their clients in the crisis while also paying out their dividends, but were bowing to requests from Swiss financial markets watchdog FINMA.
Citigroup Inc has picked up a senior role on the WeDoctor initial public offering (IPO) in Hong Kong that could be worth up to $1 billion after Credit Suisse was dropped from the deal, said two people with direct knowledge of the matter. The deal, slated to occur later this year dependent on financial market conditions, will be led by China Merchants Bank International, Citigroup and JPMorgan Chase & Co and could value the Chinese online health platform at up to $10 billion. The people with direct knowledge declined to be identified because they were not authorised to speak with media on the matter.
Chinese online healthcare platform WeDoctor has dropped Credit Suisse from a list of banks it had lined up lead its up to $1 billion initial public offering in Hong Kong, two people of direct knowledge told Reuters. WeDoctor's decision comes days after China's securities regulator said it would investigate claims of fraud at coffee startup Luckin Coffee where an internal investigation had found that its chief operating officer and other staff fabricated sales transactions worth about 2.2 billion yuan.
Credit Suisse has set up a new investment banking advisory group to counsel clients on the issue of sustainability, the bank told staff on Friday. Tom Greenberg, who currently co-heads the investment bank's oil and gas group, will lead the Environmental, Social and Governance (ESG) advisory group, according to an internal memo seen by Reuters and confirmed by a spokeswoman. "The group is tasked with capturing future investment banking opportunities and share of wallet, either through the identification of new high-growth clients that are solving global ESG challenges, or in advising existing clients on sustainable growth and finance opportunities," David Miller, Credit Suisse's head of Investment Banking and Capital Markets, said in the memo to staff.
Credit Suisse bank could restrain 2020 bonuses in a show of unity with victims of the coronavirus epidemic in Switzerland, Chief Executive Thomas Gottstein said on Monday. In three business days, Switzerland's second-biggest bank has paid out 1.24 billion Swiss francs ($1.29 billion) in loans to around 7,800 companies since the government last week unveiled a 20 billion franc program of state-backed loans at no or low interest to companies hit hard by the epidemic. "It is a bit early to talk about 2020 bonuses but we are certainly thinking in the direction that we want to show solidarity," Gottstein told Swiss broadcaster SRF's Eco program when asked about willingness to make sacrifices.
Credit Suisse will be giving employees needing to care for children and family members affected by the coronavirus outbreak a month of paid leave through mid-April, its chairman and CEO told staff in a memo late on Monday. "The Executive Board has decided to grant paid leave until mid-April for all those employees who have to find childcare solutions due to school closures or need to take care of older family members, in particular, as a result of the situation," Chairman Urs Rohner and new CEO Thomas Gottstein said in the memo to employees seen by Reuters. Credit Suisse and other Swiss lenders are considering a 20 billion Swiss franc ($21 billion) loan program to help small businesses, the Handelszeitung newspaper reported on Friday.
U.S. prosecutors are investigating Credit Suisse Group AG's role in a $2 billion Mozambique corruption case and believe they have evidence of the Swiss lender’s culpability after three former bankers pleaded guilty last year, according to two sources familiar with the matter. Prosecutors believe Credit Suisse can be held criminally liable for its employees' crimes if they were committed in the scope of their role and at least partly benefited the bank, said one of the sources who is a U.S. law enforcement official.