Swiss lender Credit Suisse has won a $41 million lawsuit against a member of the Saudi royal family over a loan to refinance a super yacht, with London’s High Court ruling there was no viable defence to the bank’s case.
UBS executives sought to assure investors on Wednesday that Switzerland’s largest bank can make its unexpected takeover of Swiss rival Credit Suisse work and pay off for its shareholders.
VTB expects to bounce back from a sanctions-induced $7.7 billion loss last year to post record profits in 2023, Russia’s No. 2 lender said on Wednesday, boosted by the purchase of rival Otkritie Bank and a profitable start to the year.
UBS’s Chairman told the bank’s annual shareholder meeting on Wednesday that the takeover of rival Credit Suisse was a significant milestone for Switzerland and for the global financial industry.
Switzerland’s financial regulator deflected blame for the collapse of the country’s second-biggest bank, Credit Suisse, saying it had been quick to respond, calling instead for more powers to take lenders to task.
European banks are increasingly turning to bespoke deals with investors such as hedge funds to offload some of the risk on multi-billion euro loan portfolios and improve their financial strength, several sources involved told Reuters.
U.S. Treasury Secretary Janet Yellen on Tuesday called for quicker action to resolve several outstanding sovereign debt restructuring cases and urged the International Monetary Fund to press all bilateral creditors to finalize such deals.
U.S. hedge fund Citadel, which earned a record $16 billion profit in 2022, reported gains in its four portfolios last month when the failure of Silicon Valley Bank and Signature Bank triggered a market selloff that left many rivals with losses.
Kuwait’s Agility said on Tuesday it entered into a derivative transaction known as a collar trade with banks to hedge its investment in Danish transport firm DSV.
