UBS will still be dealing with CS legacy issues for a long time.
Published: Tuesday, Jul 25th 2023, 13:40
Updated At: Friday, Oct 13th 2023, 14:12
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The UBS bank is now responsible for all of the mistakes made by the Credit Suisse in the past. This was made clear by the Financial Market Supervisory Authority (FINMA) in relation to the Archegos scandal. UBS has now reached an agreement with authorities in the USA, UK and Switzerland to pay a fine of 388 million US dollars for the violations. FINMA found "serious and systematic" violations of financial market law by Credit Suisse in relation to the business relationship with the US family office. They also found that the bank was not able to adequately identify, limit and monitor the significant risks associated with Archegos. UBS has now committed to implementing its own risk management principles across the combined organisation. They have also begun to implement these principles in the risk management of Credit Suisse. UBS will also have to deal with a number of other open cases inherited from Credit Suisse, such as lawsuits related to Greensill funds, the Republic of Mozambique's "tuna bonds" and the appeal of former Georgian Prime Minister Bidsina Iwanischwili. The agreement with the three authorities and the closure of the FINMA investigation have been welcomed by experts, as it removes potential uncertainties and allows UBS to focus on the successful integration and normal business operations.
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