If you wish, you will receive a message via the app or an SMS every time there is a transaction on your card account. The app gives you an overview of your card top-ups, spending, cash withdrawals and the current balance on your card at any time. You can use the app to top up your card even more quickly and easily. The transaction will bring benefits to clients and create long-term sustainable value for our investors.Use your smartphone and smartwatch to make fast, convenient and above all secure payments anytime and anywhere: easily activate your prepaid card for mobile payment. Acquiring Credit Suisse’s capabilities in wealth, asset management and Swiss universal banking will augment UBS’ strategy of growing its capital-light businesses. ‘We have structured a transaction that will preserve the value left in the business while limiting our downside exposure. ‘This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue,’ says UBS chairman Colm Kelleher in the statement. The combined businesses will have more than $5 tn in total invested assets and ‘reinforces UBS’ position as the leading universal bank in Switzerland,’ notes a UBS statement released Sunday. ‘All options will be examined in the coming days, including legal ones, to determine the responsibilities of this debacle,’ it adds.Ĭredit Suisse saw withdrawals accelerate last week following the collapse of Silicon Valley Bank and two other mid-sized US financial institutions.Ī $54 bn loan from the Swiss central bank failed to stem the crisis, leading authorities to step in over the weekend and orchestrate a takeover. ‘This would preserve jobs and maintain healthy competition, which would ensure the proper functioning of our economy.’Įthos Foundation says the removal of competition in the Swiss market, along with the lack of a shareholder vote on the takeover, means pension funds have been ‘doubly penalized’ by the weekend’s events. ‘In this respect, Ethos proposes to the Swiss authorities… the possibility of separating the Swiss banking division of Credit Suisse from the rest of the UBS group and… an IPO as soon as the situation has stabilized. ‘Ethos Foundation regrets that certain strategic options – such as the separation and listing of the Swiss bank from Credit Suisse – were not pursued when it was still possible,’ says the shareholder group in a statement. The deal was ushered through by the Swiss government – which changed the law to remove the need for a shareholder vote – as well as Swiss market regulator FINMA and the country’s central bank. On Sunday, UBS agreed to acquire Credit Suisse for SFr3 bn ($3.2 bn) after clients pulled billions from the beleaguered firm, leaving it on the brink of collapse and stoking fears of a global banking crisis. Investors in Credit Suisse have called for an IPO of the rescued firm’s national banking division to preserve competition in the Swiss market.Įthos Foundation, which represents more than 200 Swiss pension funds, says the takeover of Credit Suisse by larger rival UBS will damage investors, customers and the broader Swiss economy.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |