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[ad_1] Swiss prosecutors have opened an investigation into possible illegal activity in connection with government support for UBS’s rushed takeover of Credit Suisse. The two banks agreed to merge in March as part of an emergency deal targeted at avoiding a national financial crisis that could have had a knock-on effect globally. “The Federal Prosecutor’s…
[ad_1] Based on information requests from the committee, the bank identified 23 undeclared accounts belonging to ultra-wealthy U.S. citizens with more than $20 million at the bank. The Senate report noted that more concealed accounts could be uncovered as the bank’s review continues. “At the center of this investigation are greedy Swiss bankers and catnapping…
[ad_1] London: The chair of the Saudi National Bank (SNB) has resigned for “personal reasons”, less than two weeks after his comments spurred investor panic over Credit Suisse that ended in an emergency takeover by its larger Swiss rival, UBS, according to a media report. The Saudi National Bank (SNB), which was Credit Suisse’s largest…
[ad_1] FRANKFURT — Swiss banking giant UBS will buy the country’s second-largest bank Credit Suisse in a deal that will come as a relief to financial markets in Europe and across the world. UBS said in a statement that the total price is 3 billion Swiss francs, or about $3.25 billion, in UBS shares. The…