Swiss Banking News: May 2007

21.05.2007 Credit Suisse announced that it has expanded its private banking offering in Russia. Now international securities brokerage are available for Russian private individuals. It should be noted that Credit Suisse is one of the 1st international banks to offer onshore private banking services in the Russian market. Credit Suisse has been working in Russia to increase its awareness and understanding of the market since the 1970ies, and since then, it has been one of the leading investment banks there. The expansion of private banking presence of Credit Suisse in the Russian market began with the opening the representative offices in Moscow and St. Petersburg.

11.05.2007 UBS Global Asset Management has entered a purchase agreement with Daehan Investment & Securities Company Ltd (DI&S) to buy 51% of Daehan Investment Trust Management Company Ltd (DIMCO). DIMCO is one of the largest asset management companies in Korea. After the transaction, the company will be named UBS Hana Asset Management Company Ltd (UBS Hana Asset Management) internationally, and as Hana UBS Asset Management in Korea. UBS Global Asset Management will pay about CHF197.5 million plus about a CHF39.5 million earn-out for its stake immediately. The joint venture will make UBS Hana Asset Management one of the largest asset managers in the Korean market, and this is an important source of new business for UBS. It will also allow to combine the international know-how, specialized knowledge and global perspective of UBS Global Asset Management and the domestic expertise of DIMCO.

04.05.2007 The Swiss National Bank (SNB) published a press release on interim results and balance sheet of the SNB as at 31 March 2007. According to the press release the interim results of the Swiss National Bank in the 1st quarter of 2007 was positive. The main determining factor was movements in the gold prices, the same as previously. The result was CHF 2.16 billion, while in the corresponding period lat year it was CHF 3.57 billion. Also, the press release states that foreign currency investments generated a profit of CHF 777 million.