UBS Group AG has released data on the financial results of its operations in the second quarter of the current year, according to which the profit of this bank for the specified period exceeded preliminary expectations regarding the dynamic of the corresponding indicator.
Kelvin Tay, regional chief investment officer at UBS Global Wealth Management, said during a conversation with media representatives that currently going into the Japanese market in terms of symbolic comparison with other actions is similar to catching a falling knife.
UBS on Tuesday, May 7, announced a return to profit after a period of losses that lasted for two quarters.
A year after the bankruptcy of Credit Suisse, the Swiss government announced the likelihood that UBS would have to find up to $27 billion to absorb potential losses and prevent a banking collapse, which could be a very sensitive event for the country’s financial system.
The media, citing insiders, report that UBS Group AG intends to shut down Credit Suisse accounts with a small value, the number of which currently stands at several thousand.
UBS Group AG has announced its intention to resume share buyback in the current year.
UBS Chairman Colm Kelleher said that next year will be one of the most difficult in the takeover process of Credit Suisse by the mentioned financial institution.
UBS has faced significant losses in the first full quarter since the acquisition of Credit Suisse, a lender that competed with this bank and was on the verge of collapse, was completed.
Sergio Ermotti, Chief Executive Officer of UBS Group AG, said that in this quarter there is a good dynamic of the return of funds that customers withdrew from Credit Suisse before the takeover.
UBS Group AG has outlined the main goals of integration with its former competitor Credit Suisse.
It became known that the Swiss bank UBS agreed to pay $ 1.4 billion as part of the settlement of claims of involvement in fraudulent activities in the United States, which became a kind of premise of the financial crisis that broke out in 2008.
The Federal Reserve System last Monday, July 24, announced the application of sanctions in the form of fines against UBS due to the practice of committing misconduct by Credit Suisse in risk management of Archegos Capital Management, an investment fund that declared bankruptcy in 2021.
The new tokenised notes are the first product of its kind not only in China but also the whole Asia Pacific region constituted under Hong Kong and Swiss laws and tokenised on the main Ethereum blockchain
UBS expects to finalize its takeover of Credit Suisse as early as June 12, emerging from this rescue deal as a giant Swiss bank with a balance sheet of $1.6 trillion
UBS Group AG expects to make a profit of about $34.8 billion following the emergency takeover of Credit Suisse Group AG.
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