Key Developments: Credit Suisse Group AG (CS)
29.30USD
22 May 2013
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$29.66
$29.61
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1,860,049
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$15.71
Latest Key Developments (Source: Significant Developments)
Credit Suisse Group AG Announce Final Terms of Proposed Stock Dividend for FY 2012
Credit Suisse Group AG (CSG) announced the final terms of the proposed stock dividend for 2012. The Board of Directors set the ratio at which new CSG shares will be issued to one new share for 41 existing shares. As previously announced, the Board of Directors proposes for the financial year 2012 a combined distribution against reserves from capital contributions in cash of CHF 0.10 per registered share, as cash dividend, and in the form of new shares, as stock dividend. With respect to the stock dividend, the Board of Directors decided that 41 existing CSG shares are required to receive one new CSG share free of charge in the context of the proposed stock dividend to be approved by the Annual General Meeting (AGM). The ratio was set so that the theoretical value of each right to be allocated to the shareholders is approximately CHF 0.65 based on the current share price level. If the AGM approves the proposed distribution of the stock dividend and the proposed increase of the authorized capital, each shareholder will be allocated one non-tradable right for every CSG share held after market close on April 29, 2013. Based on 1,539,643,781 CSG shares eligible for the distribution, the ratio of 1:41 translates into 37,552,287 shares to be newly issued or 2.4% of currently issued shares. The new CSG shares are expected to be delivered on May 13, 2013. The listing and first trading day of the new CSG shares on SIX Swiss Exchange are expected to occur on May 13, 2013. Full Article
Credit Suisse Group AG Sells Private Equity Unit To Blackstone Group LP-Reuters
Reuters reported that Credit Suisse Group AG has agreed to sell a private equity business to Blackstone Group, the latest move by an investment bank to sell a business with illiquid assets in order to appease regulators and bolster its balance sheet. Blackstone said it would buy Credit Suisse's secondary private equity business which buys and sells stakes in private equity funds and has $9 billion in assets under management. The deal price was not disclosed. The deal is expected to close by the end of the third quarter of 2013. Full Article
Credit Suisse Group AG And Other Banks Score Win In Private Libor Suits-Reuters
Reuters reported that A group of banks won a victory when a U.S. judge dismissed a substantial portion of the claims in private lawsuits accusing them of rigging global benchmark interest rates. The banks include Bank of America Corp, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, Royal Bank of Canada, Royal Bank of Scotland and WestLB AG. They had been accused by a diverse body of private plaintiffs, ranging from bondholders to the city of Baltimore, of conspiring to manipulate the London Interbank Offered Rate (Libor). Full Article
Credit Suisse Group AG Buys Morgan Stanley's European Private Bank-Reuters
Reuters reported that Credit Suisse Group AG would buy Morgan Stanley's wealth management arm in Europe, the Middle East and Africa, with total assets under management of $13 billion. Details of the deal were not disclosed. It said it expected to complete the purchase later this year. The acquisition does not include any Swiss activities. Full Article
Federal Home Loan Mortgage Corp Sues Bank of America Corp, JPMorgan Chase & Co, UBS AG, Credit Suisse Group AG And Other Banks Over Libor-Reuters
Reuters reported that Federal Home Loan Mortgage Corp is suing more than a dozen banks for losses from the alleged manipulation of the benchmark interest rate known as Libor. Bank of America Corp, JPMorgan Chase & Co, UBS AG and Credit Suisse Group AG are among the banks named as defendants in the lawsuit. Freddie Mac, which invested in mortgage bonds and swaps tied to U.S. dollar Libor, claims the banks colluded to rig the benchmark from 2007 to 2010, according to the complaint, which was filed March 14, 2013 in U.S. District Court for the Eastern District of Virginia. Bank of America, JPMorgan Chase, UBS, Credit Suisse and other banks did not immediately respond to calls for comment or declined to comment. Full Article
Credit Suisse Group AG To Pay $400 Million To End U.S. Bond Lawsuits-Reuters
Reuters reported that Credit Suisse Group AG has agreed to pay at least $400 million to settle lawsuits by investors over the Swiss bank's role in raising money for a healthcare financing company that collapsed in a $2.9 billion fraud more than a decade ago. Full Article
Credit Suisse Group AG Settles Mortgage Case With Ambac Financial Group Inc-Reuters
Reuters reported that Credit Suisse Group AG has settled a lawsuit brought by Ambac Financial Group Inc over misrepresentations on mortgage-backed securities that Ambac insured in 2007. The terms of the settlement were not made public. Ambac's lawsuit claimed Credit Suisse Securities, along with its affiliate DLJ Mortgage Capital, misled the insurer about a pool of over 2,000 home equity lines of credit with a principal balance of about $170 million. Ambac said the defendants did not disclose that many borrowers had little or no ability to repay. Ambac's lawsuit claimed Credit Suisse Securities, along with its affiliate DLJ Mortgage Capital, misled the insurer about a pool of over 2,000 home equity lines of credit with a principal balance of about $170 million. Ambac said the defendants did not disclose that many borrowers had little or no ability to repay. Full Article
Credit Suisse Group AG Faces DOJ Probe Into Mortgage Products-Reuters
Reuters reported that The U.S. Attorney's Office in New Jersey is investigating Credit Suisse AG over mortgage-backed securities packaged and sold by the bank. The investigations show that authorities are still trying to build cases over the alleged misconduct by banks that led to the 2008 financial crisis. Adora Andy, a spokeswoman for the U.S. Department of Justice, did not immediately return a call for comment. Jack Grone, a spokesman for Zurich-based Credit Suisse also declined to comment. Full Article
Credit Suisse Group AG Could Owe $2 Bln In National Century Fraud-Reuters
Reuters reported that Credit Suisse Group AG faces a potential $2 billion of exposure over fraud that occurred a decade ago at National Century Financial Enterprises, a result of a federal judge's determination on how to apportion responsibility. Full Article
Blackrock Inc To Buy Credit Suisse Group AG's ETF Business-Reuters
Reuters reported that Blackrock Inc is to buy Credit Suisse Group AG's exchange-traded fund (ETF) business. The price tag on the deal announced was not disclosed, but could be between $200 million and $300 million. Credit Suisse and BlackRock said they expected the deal to close by the end of June. Full Article
Credit Suisse turns more optimistic on Brazil IPOs this year
By Guillermo Parra-Bernal, Aluísio Alves and Natalia Gómez
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