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UniCredit plans to challenge the Italian government's conditions on its €14 billion bid for Banco BPM by filing a claim with the administrative court. This legal action aims to assess the legality of the imposed conditions and support the European Union's review of the takeover.
A federal court has dismissed a lawsuit against the Swiss government filed by two investors who lost money on Credit Suisse shares purchased shortly before UBS's acquisition of the bank. The plaintiffs sought compensation for their losses, claiming they relied on reassurances from government officials about Credit Suisse's stability. However, the court ruled that investors must assume market risks and that no illegal actions by the state were proven.
Saudi Arabia's Public Investment Fund has halted investments in Swiss financial markets following the Swiss government's handling of the Credit Suisse crisis, which resulted in a sudden $17 billion write-off of AT1 bonds. This move has damaged Switzerland's reputation as a safe haven for investors, prompting concerns about the stability of its financial system, particularly with UBS's significant liabilities. The swift regulatory actions have led to a loss of trust among overseas investors, reshaping perceptions of risk in Swiss assets.
Switzerland is embroiled in a dispute over the bonuses and salaries of former Credit Suisse executives, following their rescue by UBS in March 2023. The Federal Department of Finance is appealing a ruling by the Federal Administrative Tribunal that deemed the reduction and suppression of these bonuses illegal, arguing that the tribunal overlooked critical legal aspects related to the extraordinary circumstances of the acquisition.
The Federal Supreme Court has dismissed a complaint from a couple seeking compensation from the Swiss Confederation for losses incurred after purchasing 38,000 shares in Credit Suisse. They claimed CHF 54,601 in damages, arguing they were misled by the Federal Council's assurances about the bank's stability before its takeover by UBS. After the takeover announcement, the couple sold their shares for CHF 30,187, significantly less than their initial investment.
European markets are experiencing gains due to improved sentiment following the de-escalation of U.S.-China trade tensions, making dividend stocks attractive for income and stability. Notable options include Banco de Sabadell with an 8.8% yield, and PWO AG at 5.8%, both showing potential despite some financial challenges.
Credit Suisse shareholders are presenting their case against the Swiss Confederation in the Federal Supreme Court, seeking CHF 54,601 plus interest for losses incurred from the UBS takeover. The plaintiffs, who purchased 38,000 shares for CHF 84,636, sold them for CHF 30,187 after the takeover announcement, claiming the Confederation misled them about the bank's stability. The court will deliberate before delivering its verdict.
Société Générale, a leading French banking group, reports a diverse net interest income distribution: 37.2% from financing and investment banking, 31.8% from retail banking in France, 15.8% from specialized financial services, and 15.2% from international retail banking. By the end of 2024, the group managed EUR 525 billion in current deposits and EUR 454.6 billion in current credits, with geographical income sources primarily from France (41.5%) and Europe (36%).
The Swiss government is appealing a court ruling that deemed the reduction of bonuses for Credit Suisse managers unlawful, asserting that the court overlooked critical factors related to the bank's unexpected takeover by UBS. The Federal Department of Finance argues that the extraordinary circumstances warrant the cuts, which affect CHF 62 million in payments. This follows a previous order to cancel outstanding variable remuneration for Credit Suisse's Executive Board amid the bank's collapse and subsequent rescue operation.
The Federal Department of Finance (FDF) is appealing a ruling by the Federal Administrative Court that deemed the reduction and cancellation of variable remuneration for former Credit Suisse executives unlawful. This decision follows the FDF's measures during the UBS takeover of Credit Suisse, which aimed to adjust executive pay under the Banking Act. The FDF argues that the court did not consider critical factors, particularly the unforeseen circumstances surrounding the takeover.
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