|Bid||0.0000 x 140000|
|Ask||0.0000 x 140000|
|Day's range||0.8180 - 0.8180|
|52-week range||0.7350 - 6.7000|
|Beta (5Y monthly)||1.19|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||0.05 (6.46%)|
|Ex-dividend date||11 Apr 2023|
|1y target est||9.76|
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.
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.
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.
The latest investor updates on stocks that are trending on Monday.
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.
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%.
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 acquisition was first announced on March 19 when UBS offered to buy Credit Suisse for up to US$1 billion.
"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.
Pushing second-quarter results until the end of August would buy the bank time to work through complex takeover
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.
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.
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%.
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.
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.
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.
Ruling from Singaporean judge comes shortly before UBS is expected to complete takeover of Swiss rival
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.
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.
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.
Credit Suisse should soon repay the emergency liquidity that the Swiss government gave the stricken bank to aid its rescue, Finance Minister Karin Keller-Sutter said in an interview published on Friday. The country's second biggest lender was given access to 200 billion Swiss francs - half of which was covered by government guarantees - as part of its state orchestrated rescue in March. The bank has already paid back some of the 170 billion francs of loans, which included 100 billion francs in liquidity support from the Swiss National Bank (SNB).
UBS on Thursday won unconditional EU antitrust approval to acquire Credit Suisse as part of a government-orchestrated rescue of its Swiss rival. The European Commission said the deal would not raise competition concerns in Europe, confirming a Reuters story earlier this month. UBS, which is twice as big as Credit Suisse by assets, agreed to buy its competitor for 3 billion Swiss francs in stock and to assume up to 5 billion francs in losses in March, in a shotgun merger engineered by Swiss authorities to avert contagion in global banking.
Credit Suisse directly disputed the Swiss financial regulator’s basis for writing down $17bn of its additional tier 1 bonds, in a private letter aimed at sparing staff bonuses that were tied to the debt. The second decree was published in full online last week by Antigua News, a local news outlet. If you are not familiar with Antigua News, you are not alone.
Credit Suisse has given up trying to save its staff bonuses that were wiped out following the bank’s rescue by its rival UBS. Just over $400mn of deferred pay for Credit Suisse middle managers was reduced to zero as a result of the state-orchestrated takeover and several bankers are preparing lawsuits against Finma, the Swiss regulator, over their losses, the Financial Times reported this week. Credit Suisse had appealed to Switzerland’s Federal Administrative Court to protect the bonuses, which were linked to additional tier 1 bonds that were also wiped out.
(Reuters) -UBS has been a net gainer in customer balances following its rescue of Credit Suisse, Chairman Colm Kelleher said on Wednesday, citing positive feedback from wealthy clients. Bank mergers can sometimes lead to turbulence, with clients withdrawing their cash, although this tended to happen very quickly, Kelleher told a WSJ event in London, while some clients come back. "I think the rot has stopped and we have clients coming back," Kelleher added, saying feedback from Credit Suisse clients about UBS had so far been positive.