Two large Swiss banks are preparing to merge

News

Two large Swiss banks are preparing to merge

12.04.2021 News

The CEOs of UBS Group AG and Credit Suisse Group AG plan to merge their businesses to create one of the largest banks in Europe. This was announced on Saturday, April 10, Bloomberg.

According to the analytical publication, the Swiss financial holding Credit Suisse intends to merge with market leader UBS Group to cover losses due to the recent collapse of two hedge funds.

Bloomberg also writes that, in addition to the merger with UBS, Credit Suisse Group AG plans to clean up assets, reduce the capital of the bank’s investment division, sell part of the business.

According to the interlocutors of the publication, the future association will face several difficulties. First, for antitrust reasons, Credit Suisse will have to lose its Swiss branch before the merger. Second, the Swiss banking regulator is experiencing a change of leadership. And there is a risk that it will not approve the agreement. In addition, “the merger will upset the balance in the investment banking sector not only in the country but also in Europe.”

Bloomberg explains that the crisis in Credit Suisse is due to the collapse of two hedge funds – Greensill Capital and Archegos Capital. The first Swiss financial conglomerate issued a loan of $ 140 million, which has already been defaulted. Greensill was forced to sell its assets for $ 10 billion, which he managed together with Credit Suisse.

Archegos Capital, whose broker was Credit Suisse, made a margin call in late March. This resulted in a loss of $ 4.7 billion to the Swiss bank.

Following the collapse of Archegos and Greensill, Risk Director Lara Warner and Credit Suisse Investment Director General Brian Chin were fired from the conglomerate.

It became known last fall that the banks were planning a merger. At the time, the main driving force behind the deal was UBS CEO Axel Weber, who is due to step down in 2022. He planned to head a new board of directors in the joint holding.

Other articles

  • globallogic hexacta
    News

    GlobalLogic Acquires Hexacta, an Innovative Digital Engineering Firm in Latin America

    Company Continues Strategic Expansion Adding New Service Capabilities, Talent, and Broadening Nearshore Footprint SAN JOSE, Calif.—January 5, 2023— GlobalLogic Inc., a Hitachi Group Company and Digital Engineering Leader, today announced the acquisition of Hexacta, a Pan-Latin-America digital and data engineering company. The acquisition is part of GlobalLogic’s continued strategy to expand its offerings, and its […]

  • Тест
    Analytics

    Тест

    тест     тест

  • globallogic healthtech 1
    News

    GlobalLogic engineers help create nearly 10% of the global medical device market

    Last year, the global medical device market reached $532.62 billion, according to Mordor Intelligence. Ukrainian engineers are involved in the projects of key players, which occupy almost 10% of the market. This share can be estimated at 50 billion US dollars*. Domestic specialists create more than a hundred software solutions of various levels. These include […]

  • 2779913
    News

    Twitter працює над відновленням відеосервісу Vine

    Новий власник Twitter Ілон Маск доручив інженерам попрацювати над перезавантаженням Vine, яке може бути готове до кінця нинішнього року. Про це повідомляє Axios. Зазначається, що інженерам компанії необхідно вивчити стару кодову базу відеосервісу, яка не змінювалася та не оновлювалася з моменту закриття, а саме з 2016 року, коли з’ясувалося, що майданчик не витримує конкуренції. Втім, одне з […]

  • picturepicture 156446930057951110266878 96171
    News

    CREDIT AGRICOLE TOPS THE SOCIAL RESPONSIBILITY RATING AMONG BANKS ACCORDING TO STANDARD-RATING

    Credit Agricole has been ranked first in the social responsibility rating of the banking sector, created by Standard-Rating based on the 2022 half-year results. The rating agency commended the bank’s contribution to the economy of Ukraine. The bank has paid UAH 100 million in taxes in advance, while issuing UAH 1.2 billion in loans under […]

  • impact automotive
    News

    How Ukrainian developers make impact on road safety

    From October 1, drivers must turn on the dipped headlights of the car outside the city. This helps to additionally mark the vehicle in conditions of low visibility within the autumn-winter period. GlobalLogic reminds about the importance of compliance with traffic rules and tells about the developments of Ukrainian engineers that affect road safety. In […]

  • 750x450 press release image ua
    News

    Intellias completes acquisition of Digitally Inspired, strengthening expertise in the Retail and eСommerce industry

    Intellias, a global software engineering and digital consulting company, has announced the completion of its acquisition of Digitally Inspired, a fast growing, UK based peer, focusing on the Retail and eCommerce industry. “I am delighted to welcome the Digitally Inspired team to Intellias. It is symbolic that Intellias’ twentieth anniversary coincided with signing an agreement […]

  • shutterstock 1920327596
    News

    3×4, a recently-founded Ukrainian Web3 fundraising platform, launches its first campaign

    3×4, a Web3 fundraising platform for non-profits, has been launched in Ukraine to bring innovative crypto & NFT fundraising to the rising number of social impact causes. 3×4 helps non-profit organizations to fundraise utilizing NFTs in collaborations with artists and brands while providing donors utility, revenue and transparency. The idea of 3×4 was born in […]

Read also

Two large Swiss banks are preparing to merge
News

Arcelor Mittal will pay a fine of 72 million UAH

A metallurgical complex Arcelor Mittal (Kryvyi Rih) will be forced to pay a fine of 72 million UAH. It was decided by the Dnipropetrovsk Commercial Court of Appeal to satisfy the claim against the industrial complex in the case of exceeding the level of pollutant emissions into the atmosphere. The case was opened on the […]

Next
Two large Swiss banks are preparing to merge
News

Facebook blocked the Ukrainian community retailer LeBoutique for the use of another’s trademark

A few days ago the official Facebook-community of one of the Ukraine’s largest shopping clubs LeBoutique was unavailable. The community is quite popular; about 35 000 users signed for the page. As reported in AIN.UA shopping club, the community was blocked by administration of the social network for the use of someone else’s trademark. The […]

Next
Two large Swiss banks are preparing to merge
News

The cause of problems with the supply of AstraZeneca vaccines has been revealed

Problems with the supply of the AstraZeneca vaccine to the European Union are partly because the contract plant in the Netherlands has not yet delivered a single dose, the Financial Times reported on March 14. The Leiden plant is one of the main producers of the active substance of the vaccine, along with the plant […]

Next
Two large Swiss banks are preparing to merge
News

The first amount of payments on GDP warrants announced

On May 31, Ukraine will make payments for the first time on GDP warrants issued as part of public debt restructuring in 2015. This was reported by the press service of the Ministry of Finance. The first payment will be $ 40.75 million. Taking into account the total notional or nominal amount for which GDP […]

Next
Two large Swiss banks are preparing to merge
News

Pfizer may request approval for COVID-19 at the end of the year

The American pharmaceutical company Pfizer may apply for permission to use its oral drug for the treatment of COVID-19, at the end of this year. This was announced on Thursday by the Chairman of the Board and Chief Executive Officer of Pfizer Albert Burla. “In addition, our scientists are developing an oral drug to treat […]

Next
Two large Swiss banks are preparing to merge
News

Coca-Cola’s net profit for 9 months decreased by 9%

The net profit of the world’s largest producer of soft drinks Coca-Cola, which falls on the company’s shareholders, in the first nine months of the year decreased by 9% year on year and amounted to 6.291 billion dollars, according to company reports. Adjusted earnings per share were $ 1.46 against $ 1.6 a year earlier. […]

Next
Two large Swiss banks are preparing to merge
News

Will russian gas line TogliattiAzot be built by passing Ukraine?

In the near future Ukraine may lose some revenue from the transit of Russian gas. Foreign  provider JSC Togliatti, which is among the top ten international flagship for the production of ammonia, is considering the possibility of building an additional pipeline from their company to the terminal in Taman port, by passing the Ukrainian part […]

Next
Two large Swiss banks are preparing to merge
News

Judge Finds 1977 Egyptian Pact Is Not Valid for 2015 US Divorce

A New York judge has determined that an Islamic marriage contract entered into during a 1977 wedding ceremony in Egypt is not binding on the court’s consideration of the couple’s divorce now. While Westchester County Supreme Court Justice Lawrence Ecker said New York courts have recognized that the marriage contract, called a “mahr,” can be enforceable, Ecker […]

Next
Two large Swiss banks are preparing to merge
News

NBU gives the permission of Com in Bank purchase

NBU gave the permission on 100% of shares purchasing of Com in Bank to the foreign investors. The representatives of National bank of Ukraine made the official statement. According to the source, Stefan Pinter, the chairman of GML Capital Fund, submitted the application for implementation of the transaction about the  financial organisation assets acquisition two […]

Next
Two large Swiss banks are preparing to merge
News

AstraZeneca will cut supplies of COVID vaccines to the EU

AstraZeneca has cut its forecast for COVID vaccine shipments to the European Union in the first quarter of 2021 to 30 million doses, a third of its contractual obligations, as well as a quarter reduction from last month’s obligations. The agency writes that the deficit will be the next blow to the EU’s vaccination plans, […]

Next
Two large Swiss banks are preparing to merge
News

OPEC + countries have agreed to increase oil production

OPEC + member states have agreed to increase oil production by 400,000 bpd per month from August. This is stated in a press release from OPEC. It is noted that the OPEC + countries will seek to eliminate the current restrictions in September 2022. Thus in December, 2021 the estimation of the market is given. […]

Next
Two large Swiss banks are preparing to merge
News

Does Ukraine refuse to continue oil business in Egypt?

Company Naftohaz  Ukraine has analyzed the alternatives to  sale the foreign assets, but there is no a buyer for it. According to the director of the company  Andrii Kobolev, the true reason for this is a low profitability of Ukrainian Naftohaz assets in Egypt. It is reported by UNIAN. Kobolev said that it is not […]

Next
impact automotive
News

How Ukrainian developers make impact on road safety

From October 1, drivers must turn on the dipped headlights of the car outside the city. This helps to additionally mark the vehicle in conditions of low visibility within the autumn-winter period. GlobalLogic reminds about the importance of compliance with traffic rules and tells about the developments of Ukrainian engineers that affect road safety. In […]

Next
Two large Swiss banks are preparing to merge
News

Another Ukrspirt plant was sold at auction for 90 million

The State Property Fund held an auction for the privatization of the property of the Ivankivka distillery located in the Cherkasy region. According to its results, the state budget should receive 90 million hryvnias, according to the agency’s website. It is noted that six participants competed for ownership at the open auction, which increased the […]

Next
51851194 246960502892797 2306038550484746240 n
News

The film of a beginner director charmed social networks – more than 1 million views in two days!

French actress and director Maylis de Poncins, author of the sensual short film “Je suis dons tu es” (“I am, therefore you are”), became one of the favorites in the qualifying round of the Only 140 seconds and a lot of meanings – the film won’t leave you indifferent! Maylis de Poncins is a young actress who has proven […]

Next
Two large Swiss banks are preparing to merge
News

Malaysian company seriously interested in the airports of Ukraine

Malaysian companies can become participants in the management of the airports of Ukraine, Najib Razak (Najib Tun Razak) said Malaysian Prime Minister after talks with President of Ukraine Petro Poroshenko at a joint news conference in Malaysia. Julia Kovalev, First Deputy Minister of Economic Development and Trade of Ukraine explained, that here is we are […]

Next