Swiss Banking News: September 2007
24.09.2007 UBS announced opening its newest Private Wealth Management office in Chicago, which is dedicated to serving the specialized needs of the bank's clients with assets greater than USD 10 million. The new office will offer brokerage, trust and private banking services. The office is comprised of Private Bankers, Private Wealth Advisors, Specialists and related service personnel. It will be managed by Dennis J. Drescher, Managing Director. UBS also has 2 Private Wealth Management offices in New York City and Stamford.
19.09.2007 On September 18, Standard & Poor's Ratings Services became the 2nd ratings agency to cut its credit outlook for UBS AG to "negative" to warn that the upcoming earnings of the Swiss bank could be hurt by recent market turbulence. The 1st was Fitch Ratings that cut its outlook on UBS on September 17. According to Standard & Poor's analyst Richard Barnes, this action reflects the ratings firm view that UBS' performance, particularly its result for the 3rd quarter of 2007, can be challenged by the current market dislocation.
15.09.2007 The Swiss National Bank, Switzerland's central bank, raised its key interest rate. It decided at its quarterly policy-setting meeting to raise rates to 2.75% from the previous 2.5%. The increase was the 8th successive quarterly hike. It is also the 10th time it has raised the rate since June 2004. Some analysts were surprised by the Bank's raising the rate as it came only one week after the European Central Bank and the Bank of England left their rates unchanged, but the Swiss National Bank has generally mirrored their moves in recent years. The Swiss National Bank also announced that it expects growth in GDP of around 2.5% this year. It also foresees inflation running at 0.6% in 2007 and 1.5% next year in 2008. Previously, 0.8% was forecast in 2007.
13.09.2007 Saxo Bank Acquires is acquiring Synthesis Bank in a transaction agreed with the board and the shareholders of Synthesis Bank. The acquisition is a new stage in a rapid global expansion of Saxo Bank, which offers the award-winning SaxoTrader platform to investors worldwide. Synthesis Bank headquartered in Geneva and also operating an office in Zurich has been a partner of Saxo Bank for 4 years. The clients of and all Synthesis already execute their trade on a version of SaxoTrader. So, Synthesis Bank will become Saxo Bank Switzerland. The acquisition is planned to be completed later this year.
