Swiss Banking News: December 2006
04.12.2006 Today, 4 December 2006, UBS announced the completion of its acquisition of Banco Pactual S.A, with all necessary approvals to finalize the transaction. The same date the firm starts operating in Brazil under the name UBS Pactual. The firm's clients across Latin America will be offered Investment Banking, Asset Management and Wealth Management services.This transaction underscores UBS' continued commitment to expanding in emerging markets, and its complementary market leading positions in capital markets, research, advisory and wealth and asset management enable UBS to build the leading financial services firm in Latin America region.
14.12.2006 In accordance with the Swiss investment firm Millennium Associates, the leading Swiss banks, UBS and Credit Suisse, are going to pay their top employees in London and New York USD 20 million in bonuses. These will be paid for empleyees' part in the record-breaking 2006 earnings of the two banks. As far as the global money and fund management industry is booming, banks are going to pay their top staff good bonuses. According to the financial news agency Bloomberg, bonuses in the 4 top commercial banks in New York are up 30% this year over 2005.
21.12.2006 Credit Suisse has revised its forecast for the growth of GDP in Asia ex-Japan in 2007 to 7.9%, compared with 7.4% given in September 2006, which was driven by strong domestic demand across the region. The bank has upgraded its GDP growth forecasts for China, Hong Kong, Singapore, India and Indonesia, but it downgraded expectations for Vietnam and the Philippines.The most significant upgrade was given to India - forecasts were raised for 2007 from 8.5% to 10%. India is forecast to overcome China and to become the top growth performer in the region. Growth forecast for China was raised by 0.4% to 9.9%. Also, growth forecasts for Hong Kong, Indonesia and Singapore have been raised due to robust consumption. In accordance with Credit Suisse, growth forecasts for Hong Kong by 0.7% to 5.0%. Indonesia's growth forecasts have been raised by 0.5% to 6.5% because its income growth rises and inflation falls. Singapore's economy is forecast to grow 7% in 2007 compared with an earlier forecast of 6.7%.
