CSX1.F - Credit Suisse Group AG
| Previous close | 0.8060 |
| Open | 0.8000 |
| Bid | 0.8040 x 140000 |
| Ask | 0.8280 x 140000 |
| Day's range | 0.8000 - 0.8000 |
| 52-week range | 0.7350 - 6.3000 |
| Volume | |
| Avg. volume | 48,723 |
| Market cap | 3.158B |
| Beta (5Y monthly) | 1.19 |
| PE ratio (TTM) | N/A |
| EPS (TTM) | N/A |
| Earnings date | N/A |
| Forward dividend & yield | 0.05 (6.46%) |
| Ex-dividend date | 11 Apr 2023 |
| 1y target est | N/A |
- Reuters
UBS agrees with Swiss government on Credit Suisse loss guarantee
UBS has signed an agreement with the Swiss government to cover up to 9 billion Swiss francs ($10.00 billion) in losses from its emergency takeover of Credit Suisse, the country's largest bank and government said on Friday. As part of the deal, which was signed on Friday, UBS must keep its headquarters in Switzerland, the government said. "To make the takeover possible, the government granted UBS a guarantee for any losses incurred in the liquidation of Credit Suisse assets," the government said in a statement.
- Reuters
Exclusive-Credit Suisse puts up China brokerage venture for sale -sources
HONG KONG/SHANGHAI (Reuters) -Credit Suisse and a joint venture partner are seeking buyers for their China securities brokerage business due to the Swiss bank's takeover by rival UBS, said two people with direct knowledge of the matter. Citigroup had at one point shown interest in acquiring Credit Suisse Securities China (CSS), they added. Citi, whose CEO Jane Fraser was in China this week, is setting up a securities brokerage in China.
- Reuters
Japanese investors plan to sue MUFG unit over Credit Suisse bonds - Nikkei
Former Bank of America Securities lawyer Taiju Yamazaki has said he expects his "first action" would be to file a group suit in Tokyo on behalf of MUFG Morgan Stanley Securities clients as they look to recoup losses on their Credit Suisse additional tier-1 bonds, the report said. Credit Suisse and MUFG did not immediately respond to a Reuters request for comment.
- Reuters
Swiss parliament greenlights investigation into Credit Suisse crash
Switzerland's parliament has formally agreed to establish a parliamentary commission (PUK) to look into Credit Suisse's collapse and rescue in a deal engineered by Swiss authorities, the legislative body said on Thursday. The investigation is only the fifth time such a commission has been established in Switzerland's modern history. It comes after two sub-committees supported a deeper investigation into how the government, Swiss central bank and financial market regulator acted in the run up to the emergency rescue of Credit Suisse.
- Zacks
UBS Gets Capital Regulatory Relief, Updates on Loss Guarantee
UBS Group AG (UBS) gets an extended timeline of early 2026 to phase in the higher capital requirement rules owing to the Credit Suisse buyout. The Loss Protection Agreement is to be finalized by Jun 7.
- Financial Times
Letter: US intervention was Credit Suisse’s dagger to the heart
Whereas Robin Harding (“Scary reality of the Credit Suisse horror story”, Opinion, May 31) makes a valid point about how depositors at well-capitalised banks are protected, the story behind Credit Suisse’s demise is more complicated and, in many ways, not comparable to other large banks. In fact, what the Credit Suisse collapse demonstrates is that any amount of capital might not have been enough to save it. First, Credit Suisse suffered from bad management (and possibly lapses in trustworthiness), from the supervisory board down, for many years.
- Zacks
UBS Group (UBS) Expects to Close Credit Suisse Deal By Jun 12
UBS Group (UBS) expects to close Credit Suisse deal as early as Jun 12, 2023. Also, Credit Suisse shareholders will receive one UBS Group share for every 22.48 outstanding shares held.
- Zacks
UBS Group (UBS) to Keep 100 Credit Suisse IB Jobs in Asia
UBS Group (UBD) plans to fortify its talent pool across Asia to better compete with its rival with a stronger presence by retaining more than 100 investment bankers of Credit Suisse post the merger.
- Yahoo Finance UK
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- Reuters
Countdown to mega merger - how Credit Suisse wobbled and UBS rushed to rescue
UBS Group takeover of Credit Suisse, arranged by the Swiss authorities to stave off a broader banking crisis, is set to become official as early as June 12, the bank said on Monday. March 9 - Credit Suisse postpones publication of its annual report after a last minute call by the U.S. Securities and Exchange Commission (SEC), which raised questions about its earlier financial statements. March 13 - Credit Suisse shares hit a record low after the entire banking sector sells off in the wake of the collapse of Silicon Valley Bank.
- Reuters
UBS expects to seal Credit Suisse takeover as early as June 12
ZURICH (Reuters) -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 following a government-backed rescue earlier this year. The deal's completion is subject to the registration statement, which covers shares to be delivered, being declared effective by the U.S. Securities and Exchange Commission, and other remaining closing conditions, UBS said in a statement on Monday. UBS shares were indicated 1.1% higher in premarket activity in Switzerland, while Credit Suisse shares were up 0.7%.
- Financial Times
Letter: Credit Suisse story shows dangers of social media
Robin Harding’s article on Credit Suisse’s demise highlights the importance of social media and communications surveillance, particularly in distressed market conditions (“Scary reality of the Credit Suisse horror story”, Opinion, May 31). While Credit Suisse may not have been as weakly positioned on paper as the US banks that collapsed, the confluence of a relatively newly appointed CEO, without the depth of relationships among investors, and a recent history of poor risk management, made it a prime candidate for rapid deposit flight in the event of market distress. Traditional risk management is fundamental to bank resilience, but firms should be alert to dangers posed by social media accounts of influential investors and message boards that can compound risks during market events.
- The Edge Singapore
UBS's acquisition of Credit Suisse to be completed as early as June 12
The acquisition was first announced on March 19 when UBS offered to buy Credit Suisse for up to US$1 billion.
- Reuters
UBS considers delaying results after Credit Suisse rescue - FT
"Publication date may change depending on the timing of the closing of the anticipated acquisition of Credit Suisse," the notice says. Executives at Switzerland's biggest bank are weighing delaying the publication of results along with an update on the plans for Credit Suisse’s domestic business, the report said, citing people familiar with the matter whom the newspaper did not name. 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.
- Financial Times
UBS considers delaying results after Credit Suisse rescue deal
Pushing second-quarter results until the end of August would buy the bank time to work through complex takeover
- Reuters
Logs show Fed's Powell in whirlwind of meetings during March banking turmoil
Powell's monthly meeting logs for March, released by the Fed on May 5, showed the U.S. central bank chief spoke with Ralph Hamers, then the UBS chief executive, for 30 minutes on March 14. That was five days before UBS agreed to buy Credit Suisse in a deal engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.
- Reuters
Credit Suisse has paid back government-backed liquidity- Swiss finance minister
ZURICH (Reuters) -Credit Suisse has repaid the liquidity backed by the Swiss government, Finance Minister Karin Keller-Sutter said in an interview with Swiss broadcaster SRF aired late on Wednesday. A person familiar with the matter told Reuters the bank had borrowed 70 billion Swiss francs under the 100 billion Swiss franc ($112.50 billion) scheme. Credit Suisse said in its first-quarter earnings report in April that it used funds from the Swiss National Bank, including loans supported by default guarantees, without detailing how much of which credit facilities it had used.
- Reuters
SNB defends raising rates, says not to blame for Credit Suisse failure
Swiss National Bank Chairman Thomas Jordan on Wednesday defended recent interest rate hikes to tackle inflation, saying they were neither damaging for Swiss financial stability nor responsible for the downfall of Credit Suisse. The SNB has increased interest rates four times over the past year to reduce inflation which has persisted above the central bank's target of 0%-2%.
- Reuters
Credit Suisse bankers leaving by the hundreds every week - sources
Hundreds of Credit Suisse's employees are resigning each week in a sign of uncertainty gripping the lender while it is being taken over by rival UBS, two people familiar with the matter said on Wednesday. Credit Suisse bankers, worried about their future are seeking safer employment at competitors, one person said. Swiss newspaper Blick reported earlier on Wednesday that each day around 150 people worldwide were resigning from Credit Suisse while one of the two people said they saw about 200 resignations a week.
- Reuters
Exclusive-Credit Suisse axes China bank plan to avoid regulatory conflict under UBS-sources
HONG KONG/SHANGHAI (Reuters) -Credit Suisse has scrapped plans to set up a locally incorporated bank in China to sidestep a potential regulatory conflict arising from its merger with UBS, said two sources with direct knowledge of the matter. Embattled Credit Suisse had been preparing for years to set up a wholly owned local bank in China. The reason for the Swiss lender's decision was that UBS, which is acquiring Credit Suisse as part of a government-orchestrated rescue of its smaller rival, already has a locally incorporated bank in China, said the sources.
- Financial Times
SVB’s collapse was one thing, Credit Suisse’s quite another
The 1996 slasher movie Scream sets out three rules to survive a horror movie: you can never have sex, you can never drink or do drugs and you can never, under any circumstances, say “I’ll be right back”. Among recent bank failures, Silvergate did the deed, Signature Bank got wasted on its parents’ Tia Maria and Silicon Valley Bank did both before popping outside to check the strange noise in the garden. The failure of Credit Suisse really is a horror story.
- Financial Times
Credit Suisse ordered to pay $926mn to former prime minister of Georgia
Ruling from Singaporean judge comes shortly before UBS is expected to complete takeover of Swiss rival
- Zacks
UBS' Buyout of Credit Suisse Gets EU Antitrust Approval
UBS Group AG's (UBS) acquisition of Credit Suisse Group AG receives the European Commission's nod after the latter concluded that the deal would not raise competition concerns.
- Bloomberg
Credit Suisse loses Singapore case with Georgian tycoon
A Credit Suisse Group AG unit was ordered by a Singapore court to compensate billionaire Bidzina Ivanishvili what may be hundreds of millions of dollars, in yet another blow for the bank in the long-running legal saga.
- Reuters
Georgian billionaire wins $926 million from Credit Suisse after fraud
ZURICH (Reuters) -Credit Suisse was ordered to pay $926 million to Georgia's former prime minister on Friday for losing part of his fortune, in a Singapore court ruling that represents one of the biggest legal awards made against the bank. Singapore's International Commercial Court said a unit of Credit Suisse had not acted in good faith and neglected to keep the assets of Bidzina Ivanishvili safe, in the latest blow to the troubled bank, which is being taken over by UBS. Credit Suisse immediately said it would appeal the decision.
