CS Forex News
UBS Group Closes Takeover Of Credit Suisse
UBS Group AG (UBS) announces Friday that it has completed the merger of UBS AG and Credit Suisse AG. The completion of the merger within the expected timeline was facilitated by the strong support from regulators across the globe.
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147 days ago
UBS Board Approves Execution Of UBS-Credit Suisse Merger
Swiss banking giant UBS AG (UBS) announced Thursday its Board of Directors has approved the execution of a merger of UBS AG and Credit Suisse AG. Following approvals from their respective Boards, both entities have entered into a definitive merger agreement.
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323 days ago
UBS Completes Credit Suisse Takeover
Swiss banking major UBS Group AG said it has completed the acquisition of domestic rival Credit Suisse Group AG on Monday. The troubled banking firm has been merged into UBS, and the combined entity will now operate as a consolidated banking group. It was in mid March that UBS agreed to buy Credit Suisse for 3 billion Swiss francs or about $3.24 billion after the latter lost much of its value...
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501 days ago
UBS Stock Dips On Weak Q1 Results; Sees Higher Net Interest Income
Shares of UBS Group AG were losing around 4 percent in the morning trading in Switzerland as well as in pre-market activity on the NYSE after the banking major reported Tuesday sharply lower profit in its first quarter due to increased U.S. litigation provision and weak revenues. The Swiss bank, which is in deal to buy domestic peer Credit Suisse Group AG, also warned about ongoing uncertainties
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549 days ago
Swiss Federal Agency Starts Probe On Credit Suisse Takeover
Switzerland's Federal Prosecutor has initiated an investigation into Credit Suisse Group AG's recent takeover by domestic rival UBS Group AG in the midst of the banking turmoil, reports said. The Swiss Attorney General's Office is looking into potential breaches of the country's criminal law in the government- supported takeover and is gathering evidence to identify possible crimes.
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571 days ago
UBS Rehires Sergio Ermotti As Its CEO To Oversee Credit Suisse Merger
UBS Group AG has called back its former Chief Executive Officer Sergio Ermotti to lead the Swiss banking giant amid the new challenges and priorities it faces following its planned acquisition of troubled domestic rival Credit Suisse Group AG. Following the news, UBS shares were gaining more than 2 percent in Swiss trading as well as in pre-market activity on the NYSE.
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576 days ago
Saudi National Bank Chair Al Khudairy Resigns After His Comments On Credit Suisse
The chairman of Saudi National Bank, Ammar Al Khudairy, has resigned days after he commented about Credit Suisse Group AG that allegedly sent the Swiss bank's stock into a tailspin, ending in its subsequent takeover by domestic rival UBS Group. In a statement, Saudi National Bank or SNB, Credit Suisse's largest shareholder, said it has appointed Chief Executive Officer Saeed Mohammed Al Ghamdi...
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578 days ago
Credit Suisse To Borrow $54 Bln From Swiss National Bank After Shares Plunge
Credit Suisse Group AG said it would borrow up to 50 billion Swiss Francs or around $53.7 billion from the Swiss National Bank after the Swiss banking major lost much of its value in the wake of latest banking industry turmoil. The development comes as its largest investor Saudi National Bank said that it could not provide the Swiss bank with more financial assistance.
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590 days ago
Credit Suisse Stock Down After Admitting Material Weaknesses In Financial Reporting
Credit Suisse Group AG's shares were losing around 4 percent in Swiss trading as well as around 3 percent in pre-market activity on the NYSE after the banking major admitted that it has identified "material weaknesses" in its financial reporting for the years 2022 and 2021. The development comes as the worldwide banking industry has been facing scrutiny following the failure of U.S banks Silicon..
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591 days ago
Credit Suisse Key Shareholder Sells Entire Stake
U.S. investment manager Harris Associates, once a major shareholder of Credit Suisse Group AG, has sold its entire stake in the Swiss banking major, the Financial Times reported. The investor ended its about two decades of ownership after raising questions about the future of the franchise.
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599 days ago
