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Why Wealthy Americans Love UBS, Switzerland’s Secret Big Bank

With its $3.2 billion acquisition of Credit Suisse, UBS is poised to climb the ranks of the world’s megabanks.

UBS is no stranger to big mergers. This modern company is made up of over 370 traditional companies, including former domestic rivals. In the midst of major wars, Switzerland remains stable and neutral, a safe haven for the world’s wealth.

International wealth management is now at the core of UBS’s business. Combined investment assets exceed $5 trillion, and more than half of the bank’s clients are based in the United States.Experts believe this is the reason Unique discretion level provided by Swiss law. Swiss bankers are obliged to protect a lot of customer information, even under pressure from foreign authorities.

“We have access to their businesses in more exotic locations like Singapore and New York. No, at least it’s perceived as such,” he said. Nicolas Veron is a Senior Fellow at both the Peterson Institute for International Economics in Washington, DC and the Bruegel Think Tank in Brussels.

In recent years, both UBS and Credit Suisse have come under pressure from US authorities to stop what they criticize as questionable business practices. For example, in the 2010s, thousands of cases of misconduct at UBS came to light under international law. Interest rate manipulation investigation. moreover, US Senators Allege Credit Suisse Maintained Accounts Linked to Nazi Customers Just recently 2020.

Global watchdogs have long worried that banks like UBS are too big to fail.a Sudden and rapid depositor flight from Credit Suisse Made those fears a reality. The Swiss National Bank has pledged more than $100 billion in liquidity support to broker UBS’s rapid takeover of Credit Suisse.

In the deal, Credit Suisse shareholders expect to trade 22.48 shares for each UBS share. Some bondholders plan to challenge the deal in court.

“By and large, most of what the Swiss government has done has been to impose losses on creditors and shareholders of Credit Suisse,” Veron said.

UBS Group said the deal could make the bank more competitive globally and stands ready to deal with the growing complexity.

please look video To find out more about UBS’s future as a top Swiss bank, see above.

Summarize this content to 100 words With its $3.2 billion acquisition of Credit Suisse, UBS is poised to climb the ranks of the world’s megabanks.UBS is no stranger to big mergers. This modern company is made up of over 370 traditional companies, including former domestic rivals. In the midst of major wars, Switzerland remains stable and neutral, a safe haven for the world’s wealth.International wealth management is now at the core of UBS’s business. Combined investment assets exceed $5 trillion, and more than half of the bank’s clients are based in the United States.Experts believe this is the reason Unique discretion level provided by Swiss law. Swiss bankers are obliged to protect a lot of customer information, even under pressure from foreign authorities. “We have access to their businesses in more exotic locations like Singapore and New York. No, at least it’s perceived as such,” he said. Nicolas Veron is a Senior Fellow at both the Peterson Institute for International Economics in Washington, DC and the Bruegel Think Tank in Brussels.In recent years, both UBS and Credit Suisse have come under pressure from US authorities to stop what they criticize as questionable business practices. For example, in the 2010s, thousands of cases of misconduct at UBS came to light under international law. Interest rate manipulation investigation. moreover, US Senators Allege Credit Suisse Maintained Accounts Linked to Nazi Customers Just recently 2020.Global watchdogs have long worried that banks like UBS are too big to fail.a Sudden and rapid depositor flight from Credit Suisse Made those fears a reality. The Swiss National Bank has pledged more than $100 billion in liquidity support to broker UBS’s rapid takeover of Credit Suisse.In the deal, Credit Suisse shareholders expect to trade 22.48 shares for each UBS share. Some bondholders plan to challenge the deal in court.“By and large, most of what the Swiss government has done has been to impose losses on creditors and shareholders of Credit Suisse,” Veron said.UBS Group said the deal could make the bank more competitive globally and stands ready to deal with the growing complexity.please look video To find out more about UBS’s future as a top Swiss bank, see above.
https://www.cnbc.com/2023/06/02/why-wealthy-americans-love-ubs-the-secretive-swiss-banking-giant.html Why Wealthy Americans Love UBS, Switzerland’s Secret Big Bank

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