Credit Suisse said it has been fully cooperating with authorities since the 2014 ruling. It comes despite the bank incurring a $2.6 billion penalty in 2014 and promising to stop the practice. clients to conceal accounts to avoid taxes, according to Bloomberg. * Several former bankers at Credit Suisse Group have alleged that the Switzerland -based bank is still aiding U.S.
The transaction was reportedly worth £220 million.
* Switzerland -based Credit Suisse Group AG closed the first commercial real estate collateralized loan obligation in Europe, Bloomberg News reported. * Italy 's government is in talks with the European Commission about Banca Monte dei Paschi di Siena SpA carrying out a €2 billion to €3 billion capital increase while extending the deadline for the country's Treasury to sell its 64% stake in the bank, possibly to as late as 2025, Il Sole 24 Ore reported. The Swiss private bank said it is in "an excellent position" to achieve its medium-term financial targets set in 2020. * At the end of October, Julius Bär Gruppe AG's AUM amounted to CHF484 billion, marking a 12% year-to-date increase driven by consistent net new money inflows and positive stock market performance and currency movements. bank margins rebounded modestly in the third quarter after plunging over the last few quarters, but the key profitability metric remained well below pre-pandemic levels. ➤ Banks reckon with potential deposit outflows as inflation heats upĭeposits have continued to grow rapidly, but a pivot by the Fed and a red-hot inflation report has the industry thinking about a reversal. 30, the Greek bank's attributable loss widened year over year to €3.09 billion from €142 million. * Piraeus Financial Holdings SA posted a third-quarter loss attributable to equity holders of the parent from continuing operations of €635 million, versus a year-ago profit of €3 million. The Swiss bank fielded other prominent names in European banking, including former Swiss central bank head Philipp Hildebrand and Jean Pierre Mustier, the former CEO of Italy -based UniCredit SpA, according to the Financial Times. based Morgan Stanley, is set to succeed Axel Weber, who will have reached the maximum 10-year term limit. * Switzerland 's UBS Group AG will nominate Colm Kelleher and Lukas Gähwiler chairman and vice chairman, respectively, during its annual general meeting in April 2022.
Vigneron, who holds the same position in French investment bank Natixis SA, will replace retirement-bound Stuart Lewis. Deutsche Bank also appointed Olivier Vigneron chief risk officer, effective June 1, 2022. Achleitner had long favored a current board member as his successor but the top contender, Theodor Weimer, is also CEO of Deutsche Börse AG, and regulators would not allow him to hold two posts simultaneously, Reuters reported. Wynaendts was previously CEO of Dutch insurer Aegon NV. It involves selecting stocks that are believed to be mispriced, but only if KBCAM can identify a positive growth outlook for such stocks.* Germany -based Deutsche Bank AG put forward Alexander Wynaendts to be its new supervisory board chairman as Paul Achleitner's term ends next year, by which time he will have spent 10 years in the role. KBCAM uses the Garp (growth at a reasonable price) method of stock selection, which Mr O'Halloran describes as lying somewhere between value and growth investing. "Funds were fully invested throughout the year." "Basically we had no cash in the fund," says Mr O'Halloran. This was a lucrative decision, as the property sector produced a 23 per cent return in 2005.Ĭash levels in the funds were appreciably lower than the benchmark, hovering between 0 per cent and 1 per cent. Property was favoured over cash, and the fund's property portfolio consisted of industrial, office and retail investments in Ireland. However, it took a neutral position on Japan and shied away slightly from the United States and the United Kingdom. KBCAM also took a strong position on emerging markets, particularly in southeast Asia. The fund was overweight in European markets, and within Europe it was overweight in Irish equities. This overweight equity position was matched by being underweight in bonds. Overall, 2005 was good to KBC Asset Management (KBCAM), which finished the year with a flourish by delivering the highest return in December.Ĭhief investment officer Noel O'Halloran explains that the high equity levels maintained in the fund last year boosted its performance.