Swiss Banking News: March 2008
28.03.2008 In the current issue of Credit Suisse's "Global Investor", analysts and external experts examine how new investment vehicles are increasingly being used for social purposes, as well as for solving environmental problems. The new issue, titled "Beyond Charity", provides an overview of an innovative range of socially responsible investments that combine financial and social returns and open new opportunities for investors.
26.03.2008 The Board of Directors of Credit Suisse Group announced its proposals to the Annual General Meeting which will take place on April 25, 2008. Six current members are proposed for re-election for another three years: Thomas W. Bechtler, Robert H. Benmosche, Peter Brabeck-Letmathe, Jean Lanier, Anton van Rossum and Ernst Tanner. Additionally, the Board proposed the payment of an increased cash dividend for the financial year 2007, in the amount of CHF 2.50 per share. This compares to a dividend of CHF 2.24 per share and a par value reduction of CHF 0.46 per share for the financial year 2006, which benefited from the proceeds of the sale of the insurance business. Approved by the Annual General Meeting, the dividend will be paid on May 2, 2008.
16.03.2008 Swiss Finance Minister Hans-Rudolf Merz said in parliament that Switzerland's banking secrecy laws are not subject to debates. According to his words, banking secrecy laws are designed to safeguard clients' privacy rights, and are not a means to attract foreign citizens' taxes. He noted that the country is co-operating with other tax authorities and has done a lot to prevent criminal acts in banking, so charges by EU authorities regarding Switzerland's tax practices are unfounded. Merz also pointed to a number of bilateral agreements between the European Union and Switzerland.
In his speech, the Minister commented on huge writedowns of UBS AG and some other large banks of Switzerland, saying that the country faces several hundred millions of Swiss francs in tax losses because of the problems at UBS.
