Some holders of Credit Suisse AT1 bonds that were wiped out as part of the bank’s state-backed merger with UBS have instructed law firm Quinn Emanuel Urquhart & Sullivan to represent them for discussions with Swiss authorities and possible litigation to recover losses.
Russian private lender Sovcombank is planning a legal challenge to sanctions imposed against it over the conflict in Ukraine and will start with Japan, where the bank has shareholders, a source familiar with the matter told Reuters.
UniCredit said on Monday it was resuming buying tax credits deriving from government incentive schemes to improve energy efficiency, after a halt to the purchases had dealt a blow to Italy’s construction sector.
Credit Suisse and UBS shares fell on Monday after Switzerland’s Federal Prosecutor opened an investigation into the emergency merger of the two lenders.
Standard Chartered has redeemed a $1 billion so-called additional tier one (AT1) bond in a move announced before holders of similar securities were wiped out in last month’s rescue of Credit Suisse.
Sight deposits held by the Swiss National Bank declined last week, data showed on Monday, suggesting that Credit Suisse and UBS may have cut back on use of emergency funds offered them to facilitate their planned merger.
Deutsche Bank said on Monday it no longer expects UK’s gross domestic product (GDP) to contract in 2023, after revised figures last week showed the economy grew in the last quarter of 2022.
HSBC Holdings Plc’s board is unanimous in recommending that shareholders vote against proposals to restructure the bank and pay fixed dividends, its chairman, Mark Tucker, told Hong Kong shareholders on Monday.
Julius Baer is having “constructive discussions” with Credit Suisse staff who are looking to leave following their bank’s takeover by UBS , the Swiss private bank’s Chief Executive said in an interview on Monday.
March’s market turmoil has forced many macro and trend-following hedge funds to cut bait on bad portfolio bets and caused at least one bank that lends to them to scrutinize its clients’ exposure, according to sources and preliminary data reviewed by Reuters.
