Swiss Banking News: May 2006
25.05.2006 Today, on 25 May 2006, UBS announced its plans to acquire the global futures and options business of ABN AMRO for 386 million USD plus net tangible assets. This makes UBS a market leader in global providing of execution and clearing services including equities, equity indices, commodities, interest rates and currencies. The transaction is planned in the 3rd quarter of 2006. The investment reveals UBS's commitment to the futures and options business and increases its market share creating platform scale and synergies.
17.05.2006 Today, 17 May 2006, Credit Suisse announced the acquisition of Guilford Capital Corporation. This finance company specializes in the acquisition and syndication of both federal and state tax credits mostly for low income housing projects. Credit Suisse will operate Guilford with its subsidiary Column Financial. The Credit Suisse Tax Credit Group will buy tax credits and syndicate them to institutional and corporate investors for their tax management purposes.
11.05.2006 Credit Suisse announced its plans to expand its Center of Excellence in Singapore, which is company's key strategic initiative build new infrastructure and globally deploy its resources to maximize efficiency and continue clients' effective support. Credit Suisse has been working in Singapore since 1972 and currently employs 2200 staff there. At One Raffles Link, where Credit Suisse operates its main Investment Banking, Private Banking, and Asset Management activities in Singapore, it has 1400 staff. At a Center of Excellence at Changi Business Park it has more than 800 staff. One Raffles Quay will be its third location in Singapore. Credit Suisse has leased new facility for 1400 staff (900 of positions will be filled by the end of 2007, majority will be locals). A similar Center of Excellence is operated by Credit Suisse operates in the USA, North Carolina.
04.05.2006 UBS reported 3,504 million Swiss francs net profit attributable to UBS shareholders in 1st quarter 2006. Last year UBS had 2,625 million Swiss francs in the same period.
02.05.2006 Today, 2 May 2006, Credit Suisse Group reported net income of CHF 2,604 million for the 1st quarter of 2006, an increase of 36% if compared to that in the 1st quarter of 2005. Net new assets total is CHF 31.1 billion in the 1st quarter of 2006. A return on equity of 24.4%, with a return on equity of 27.4% in the banking industry and 15.0% in the insurance industry, was recorded.
