Region: Switzerland

UBS to absorb Credit Suisse, with AT1 bonds written off

Switzerland’s two G-SIBs are set to become one, in a regulator-brokered deal which has unexpectedly written off the beleaguered Credit Suisse’s AT1 bondholders following a week of mounting concern over the bank’s future.

20 March 2023

Credit Suisse seeks US$54 billion liquidity boost from central bank

Credit Suisse has applied for a US$54 billion lifeline after the Swiss central bank accepted that it would have to provide it with extra liquidity – but practitioners say the bank’s business model, rather than its immediate liquidity issues, will require the most attention.

16 March 2023

Swiss banking sector preparing private digital franc

As its central bank considers issuing a wholesale CBDC, Switzerland’s banking industry body has proposed a private digital version of the Swiss franc, in the form of a token issued by a consortium of the country’s commercial banks – but admitted it would need regulatory buy-in to avoid the product being labelled a security.

14 March 2023

Credit Suisse “seriously breached” obligations in Greensill fiasco, FINMA finds

Credit Suisse will have hundreds of its most important business relationships regularly reviewed as part of remedial measures imposed by Switzerland’s financial markets regulator, after a two-year probe into the bank’s relationship with supply chain finance company Greensill which found the  had “seriously breached its supervisory obligations”.

01 March 2023

CMS hires from Bank of England, as Lenz & Staehelin, Simpson Thacher and Mayer Brown all promote partners

A senior legal counsel at the Bank of England has joined CMS as a partner, while Switzerland’s Lenz & Staehelin and US firms Simpson Thacher and Mayer Brown have all promoted new financial regulatory partners.

21 November 2022

“Business as usual”: Sberbank’s Swiss and Kazakh arms change hands following sanctions

Russia’s largest bank has sold its subsidiaries in Switzerland and Kazakhstan, over six months after the country’s invasion of Ukraine prompted international sanctions.

05 September 2022

Swiss legislation “lagging behind” in AML fight

Switzerland’s federal auditor has criticised the country’s anti-money laundering legislation, saying it fails to anticipate developments at international level – but its recommendations have already received government pushback.

01 September 2022

Swiss and Japanese banking associations issue sustainability guides

Switzerland’s banking industry association has issued binding self-regulations for integrating sustainability concerns into their investment and mortgage advisory work, while its Japanese counterpart has adopted only non-binding measures.

30 June 2022

Credit Suisse fined in Swiss money laundering case

A Swiss court has fined Credit Suisse over deficiencies in its anti-money laundering controls dating back to 2007.

29 June 2022

Credit Suisse retrenches following Archegos and Greensill debacles

Credit Suisse has announced plans to draw back from its hedge fund financing activities to focus on private banking and wealth management, following a year that has seen it burned by both the Archegos and Greensill collapses and a set of regulatory interventions.

04 November 2021

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