Key Developments: Credit Suisse Group AG (CSGN.VX)

CSGN.VX on Virt-X Level 1

19 Dec 2014
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Latest Key Developments (Source: Significant Developments)

U.S. Regulator Sues Credit Suisse Group AG, Others Over Faulty Securities-Reuters
Monday, 23 Sep 2013 10:41pm EDT 

Reuters reported that a U.S. regulator filed lawsuits against Morgan Stanley and eight other banks over the sale of nearly $2.4 billion in mortgage-backed securities to two credit unions that later failed, according to a filing. Morgan Stanley and Morgan Stanley Capital I Inc, Barclays PLC, JPMorgan Chase & Co's unit Bear Stearns, Credit Suisse Group AG, Royal Bank of Scotland Group PLC and UBS AG sold faulty securities to Southwest and Members United corporate credit unions, the National Credit Union Administration (NCUA) said in its complaint. Goldman Sachs Group Inc, Wachovia Corp, a unit of Wells Fargo & Co and Residential Funding Securities LLC, (Ally Securities), also sold faulty securities to Southwest, NCUA said.  Full Article

Australian Infrastructure Fund Ltd Announces Ownership Interest Of Credit Suisse Holdings (Australia) Ltd (on behalf Of Credit Suisse Group AG And Its Affiliates)
Monday, 23 Sep 2013 01:58am EDT 

Australian Infrastructure Fund Ltd announced that Credit Suisse Holdings (Australia) Ltd (on behalf Of Credit Suisse Group AG And Its Affiliates) holds 43,316,208 person's votes which represents 6.98% of the voting power of the Company.  Full Article

Credit Suisse Holdings (Australia) Ltd (on behalf Of Credit Suisse Group AG And Its Affiliates) Ceases To Be The Holder Of Merlin Diamonds Ltd
Monday, 23 Sep 2013 01:56am EDT 

Merlin Diamonds Ltd announced that Credit Suisse Holdings (Australia) Ltd (on behalf Of Credit Suisse Group AG And Its Affiliates) ceased to be the substantial holder of the Company.  Full Article

Koor Industries Ltd Sells Another 5.5 Million Shares In Credit Suisse Group AG-Reuters
Sunday, 15 Sep 2013 04:58am EDT 

Reuters reported that Koor Industries Ltd has sold another 5.5 million shares in Swiss bank Credit Suisse Group AG for CHF157.47 million ($169 million), the Company said.  Full Article

Grosvenor Capital Management To Acquire CFIG From Credit Suisse Group AG
Thursday, 1 Aug 2013 04:29pm EDT 

Grosvenor Capital Management, L.P. (Grosvenor), announced an agreement to acquire the Customized Fund Investment Group (CFIG), a global private equity, infrastructure and real estate investment management company, from Credit Suisse Group AG (Credit Suisse). CFIG is one of the providers of customized private equity solutions globally with approximately $18 billion of assets under management and 11 offices around the world. Following the completion of the transaction, CFIG will be renamed the GCM Customized Fund Investment Group. Terms of the transaction were not disclosed.  Full Article

Credit Suisse Group AG In Talks To Sell Private Equity Unit-Reuters
Wednesday, 31 Jul 2013 01:02pm EDT 

Reuters reported that Credit Suisse Group AG is in advanced talks to sell its private equity business to Grosvenor Capital Management LP as the bank adapts to stricter rules for managing capital and risk. The business, called Customized Fund Investment Group, oversees about $20 billion in client assets invested in third-party private equity funds, the financial daily said. The deal, to be valued at more than $200 million in cash and other considerations, could be announced as early as this week.  Full Article

Singapore Reprimands Credit Suisse Group AG And Other Banks After Benchmark Rate Review-Reuters
Friday, 14 Jun 2013 07:59am EDT 

Reuters reported that Singapore's central bank has censured Credit Suisse Group AG and 19 other banks on June 14, 2013 after it found traders in the city state tried to manipulate benchmark borrowing and currency rates, and has ordered them to set aside additional reserves for a year. All of the banks on the Singapore's setting panels for interbank lending and currency rates were censured, along with Australia's Macquarie Bank. UBS AG, Royal Bank of Scotland Group PLC and ING Groep NV have been ordered to set aside the most in additional reserves, with each having to post between an extra SGD1 billion ($799.52 million) and SGD1.2 billion with the central bank. The money will be returned if the banks take the required remedial action. UBS and ING could not immediately be reached for comment. Other banks censured included BNP Paribas, Bank of America, Oversea-Chinese Banking Corporation, Barclays Bank PLC, Credit Suisse, DBS, Deutsche Bank and Standard Chartered PLC  Full Article

Credit Suisse Group AG May Sell Part Of German Private Bank-Reuters
Thursday, 6 Jun 2013 01:49pm EDT 

Reuters reported that Credit Suisse Group AG may sell part of its private bank in Germany to improve profitability in Europe. Credit Suisse declined to comment on its plans for Germany.  Full Article

Credit Suisse Group AG Announce Final Terms of Proposed Stock Dividend for FY 2012
Friday, 26 Apr 2013 03:49am EDT 

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
Monday, 22 Apr 2013 07:14pm EDT 

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


Decade of weak profits prompts rethink for global banks in China

HONG KONG - A decade of poor earnings in mainland China is forcing global investment banks to shift focus from areas dominated by local players such as stock market listings to complex but more lucrative credit products.

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