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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-03-20T18:14:00
Credit Suisse will merge with UBS in a move approved by Swiss banking regulators after a proposed cash injection from the Swiss National Bank (SNB) failed to stabilize Credit Suisse’s rapidly declining finances.
UBS, Switzerland’s largest bank, announced Sunday it will purchase the country’s second-largest bank for 3 billion Swiss francs (U.S. $3.2 billion). Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, UBS said. The merger is expected to be completed by the end of the year, Credit Suisse said in a statement.
The deal was approved by the SNB and the Swiss Financial Market Supervisory Authority (FINMA) after Credit Suisse suffered a “crisis of confidence” as depositors raced to withdraw their funds from the bank, the regulators said in a joint statement.
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News and analysis for the well-informed compliance or audit exec.
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2024-01-26T11:52:00Z By Ruth Prickett
Bonus clawbacks, more fines, and a senior management regime that clearly identifies individual executives’ responsibilities for key governance areas are all options being considered by the Swiss Financial Market Supervisory Authority in response to the collapse of Credit Suisse.
2023-10-20T16:28:00Z By Aaron Nicodemus
A Singapore financial regulator will reportedly conduct an on-site inspection of a local Credit Suisse unit in connection with a 2.8 billion Singapore dollar (U.S. $2 billion) money laundering scandal.
2023-07-24T20:36:00Z By Kyle Brasseur
The Federal Reserve Board fined UBS $268.5 million regarding recent acquisition Credit Suisse’s credit risk management failures at collapsed U.S. hedge fund Archegos Capital Management. UBS also settled matters with U.K. and Swiss authorities.
2024-06-28T19:30:00Z By Jeff Dale
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
2024-06-20T15:40:00Z By Aaron Nicodemus
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
2024-06-07T22:34:00Z By Adrianne Appel
Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.
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