Swiss bank surveillance gets tougher

BERN, SWITZERLAND – The Swiss financial surveillance body Finma will be keeping a closer eye on Swiss banks, particularly the two big banks UBS and Credit Suisse, under rules approved by the governing Federal Council Wednesday 23 May. Finma will work more closely with corporate auditors and strengthen its field team with the goal of […]

Swiss banks recovered in 2010: 50% profits improvement

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ZURICH, SWITZERLAND – Put the Swiss banking crisis in the past tense, with the Swiss National Bank’s new report on the state of Swiss banking showing that in 2010 the gross profit for the country’s 320 banks was CHF18.9 billion, a roughly 50 percent improvement over 2009. The aggregate balance sheet for all Swiss banks […]

Swiss tighten bank capital rules a year ahead of world

Bern, Switzerland (GenevaLunch) – Swiss banks will have tougher capital requirements for trading, known as the Capital Adeqacy Ordinance, starting 1 January 2011, a year ahead of the rest of the world, the Swiss Federal Council (cabinet) announced Wednesday 10 November. New capital requirements have been drawn up by the Basel Committee of central bankers, […]

Swiss lower house rejects UBS treaty with US (update)

Reconciliation committee will get it Wednesday to attempt political parties’ compromise Bern, Switzerland (GenevaLunch) – The Swiss government’s painstaking efforts to come to a settlement with the US over the handling of 4,450 UBS bank accounts was dealt a serious blow Tuesday 8 June. The lower house of Parliament voted against the Swiss-US treaty 104 […]