Japan Financial Services Agency Penalizes Mitsubishi UFJ Financial Group for Unauthorized Sharing of Client Information in at Least 26 Occasions Between MUFG Bank & 2 Securities Brokerage Setup in 2010 with Morgan Stanley, MUFG Bank Also Provided Preferential Lending Rates to Clients for Doing Business with the 2 Securities Brokerages, Japan Firewall Regulations Do Not Allow Banks & Securities Brokerages to Share Information Without Clients Agreement
26th June 2024 | Hong Kong
Japan banking regulatory (Financial Services Agency, FSA) has penalized Mitsubishi UFJ Financial Group for unauthorized sharing of client information between MUFG Bank & 2 securities brokerage joint ventures (setup in 2010 with Morgan Stanley) for 4 years from 2020 to 2023. MUFG Bank also provided preferential lending rates to clients for doing business with the 2 securities brokerages (Morgan Stanley MUFG Securities & Mitsubishi UFJ Morgan Stanley Securities). Japan firewall regulations do not allow banks & securities brokerages (in the same group) to share information without clients agreement. Mitsubishi UFJ Financial Group (14/6/24): “Japan’s Securities and Exchange Surveillance Commission (“SESC”) today announced that, based on the results of its investigation, it has recommended that the Prime Minister and the Commissioner of the Financial Services Agency (“FSA”) take administrative action against MUFG Bank and MUMSS. We sincerely apologize for the inconvenience and concern this has caused our customers and other stakeholders. The SESC’s recommendation was made in response to requests for administrative action in relation to problems with MUFG Bank and MUMSS’ banking-securities collaborative business, management of information (including pertaining to corporate relationships), and monitoring systems in relation to these matters. MUFG, MUFG Bank, and MUMSS (collectively, the “MUFG Group Companies”) take this recommendation very seriously. In line with amendments to the “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc.,” in June 2022, the MUFG Group Companies recognized issues related to compliance systems, internal control systems, etc., pertaining to our banking-securities collaborative business, and have made various adjustments. We accept that the current recommendation calls for the appropriate enhancement and acceleration of internal control and checking functions of the MUFG Group Companies in a manner that suits the actual conditions of the banking-securities collaborative business, etc. In light of this recommendation, the MUFG Group Companies will renew their efforts to strengthen control systems and make every effort to implement measures to prevent recurrence that include more effective and specific measures to further enhance and strengthen internal control systems.” In 2023 December, Mitsubishi UFJ Financial Group & Morgan Stanley Japan brokerage joint venture (Mitsubishi UFJ Morgan Stanley Securities) had been sued by 26 investors for $12 million in compensation for Credit Suisse Additional Tier 1 (AT1) bonds losses. Earlier in September 2023, the same law firm (Yamazaki Marunouchi Law Office) had represented 66 investors for $35.5 million in compensation for Credit Suisse Additional Tier 1 (AT1) bonds losses with total nominal value of $41 million. In June 2023, Japan government had reported $1 billion of Credit Suisse AT1 bonds sold to Japan investors with $700 million to 1,550 clients of Mitsubishi UFJ Morgan Stanley. More info below.
“ Japan Financial Services Agency Penalizes Mitsubishi UFJ Financial Group for Unauthorized Sharing of Client Information in at Least 26 Occasions Between MUFG Bank & 2 Securities Brokerage Setup in 2010 with Morgan Stanley, MUFG Bank Also Provided Preferential Lending Rates to Clients for Doing Business with the 2 Securities Brokerages, Japan Firewall Regulations Do Not Allow Banks & Securities Brokerages to Share Information Without Clients Agreement “
About MUFG – Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,000 locations in more than 40 countries. The Group has about 120,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world.
Japan Securities Authority Recommends Banking Regulator to Penalize Mitsubishi UFJ Financial Group for Unauthorized Sharing of Client Information Between MUFG Bank & 2 Securities Brokerage Joint Ventures Setup in 2010 with Morgan Stanley for 4 Years from 2020 to 2023, MUFG Bank Also Provided Preferential Lending Rates to Clients for Doing Business with the 2 Securities Brokerages, Japan Firewall Regulations Do Not Allow Banks & Securities Brokerages to Share Information Without Clients Agreement
19th June 2024 – Japan securities authority (Securities & Exchange Surveillance Commission, SESC) has recommended banking regulatory (Financial Services Agency, FSA) to penalize Mitsubishi UFJ Financial Group for unauthorized sharing of client information between MUFG Bank & 2 securities brokerage joint ventures (setup in 2010 with Morgan Stanley) for 4 years from 2020 to 2023. MUFG Bank also provided preferential lending rates to clients for doing business with the 2 securities brokerages. Japan firewall regulations do not allow banks & securities brokerages (in the same group) to share information without clients agreement. Mitsubishi UFJ Financial Group (14/6/24): “Japan’s Securities and Exchange Surveillance Commission (“SESC”) today announced that, based on the results of its investigation, it has recommended that the Prime Minister and the Commissioner of the Financial Services Agency (“FSA”) take administrative action against MUFG Bank and MUMSS. We sincerely apologize for the inconvenience and concern this has caused our customers and other stakeholders. The SESC’s recommendation was made in response to requests for administrative action in relation to problems with MUFG Bank and MUMSS’ banking-securities collaborative business, management of information (including pertaining to corporate relationships), and monitoring systems in relation to these matters. MUFG, MUFG Bank, and MUMSS (collectively, the “MUFG Group Companies”) take this recommendation very seriously. In line with amendments to the “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc.,” in June 2022, the MUFG Group Companies recognized issues related to compliance systems, internal control systems, etc., pertaining to our banking-securities collaborative business, and have made various adjustments. We accept that the current recommendation calls for the appropriate enhancement and acceleration of internal control and checking functions of the MUFG Group Companies in a manner that suits the actual conditions of the banking-securities collaborative business, etc. In light of this recommendation, the MUFG Group Companies will renew their efforts to strengthen control systems and make every effort to implement measures to prevent recurrence that include more effective and specific measures to further enhance and strengthen internal control systems.” In 2023 December, Mitsubishi UFJ Financial Group & Morgan Stanley Japan brokerage joint venture (Mitsubishi UFJ Morgan Stanley Securities) had been sued by 26 investors for $12 million in compensation for Credit Suisse Additional Tier 1 (AT1) bonds losses. Earlier in September 2023, the same law firm (Yamazaki Marunouchi Law Office) had represented 66 investors for $35.5 million in compensation for Credit Suisse Additional Tier 1 (AT1) bonds losses with total nominal value of $41 million. In June 2023, Japan government had reported $1 billion of Credit Suisse AT1 bonds sold to Japan investors with $700 million to 1,550 clients of Mitsubishi UFJ Morgan Stanley. More info below:
Mitsubishi UFJ Morgan Stanley Securities Sued by 26 Investors for $12 Million in Compensation for Credit Suisse Additional Tier 1 Bonds Losses, Same Law Firm Yamazaki Marunouchi Law Office Represented 66 Investors for $35.5 Million in September 2023, Japan Government Reported $1 Billion of Credit Suisse AT1 Bonds Sold to Japanese Investors with $700 Million to 1,550 Mitsubishi UFJ Morgan Stanley Securities Clients
27th December 2023 – Mitsubishi UFJ Financial Group & Morgan Stanley Japan brokerage joint venture (Mitsubishi UFJ Morgan Stanley Securities) had been sued by 26 investors for $12 million in compensation for Credit Suisse Additional Tier 1 (AT1) bonds losses. Earlier in September 2023, the same law firm (Yamazaki Marunouchi Law Office) had represented 66 investors for $35.5 million in compensation for Credit Suisse Additional Tier 1 (AT1) bonds losses with total nominal value of $41 million. In June 2023, Japan government had reported $1 billion of Credit Suisse AT1 bonds sold to Japan investors with $700 million to 1,550 clients of Mitsubishi UFJ Morgan Stanley. More info below.
Mitsubishi UFJ Morgan Stanley Securities Sued by 66 Investors for $35.5 Million for Credit Suisse Additional Tier 1 Bonds Losses, Japan Government Reported $1 Billion of Credit Suisse AT1 Bonds Sold to Japanese Investors with $700 Million to 1,550 Mitsubishi UFJ Morgan Stanley Securities Clients
1st September 2023 – Mitsubishi UFJ Financial Group & Morgan Stanley Japan brokerage joint venture (Mitsubishi UFJ Morgan Stanley Securities) had been sued by 66 investors for $35.5 million for Credit Suisse Additional Tier 1 (AT1) bonds losses with total nominal value of $41 million. The lawsuit was filed in Tokyo by Yamazaki Marunouchi Law Office. In June 2023, Japan government had reported $1 billion of Credit Suisse AT1 bonds sold to Japan investors with $700 million to 1,550 clients of Mitsubishi UFJ Morgan Stanley. More info below.
UBS Faces Multiple Lawsuits for Buying Credit Suisse at Only CHF 3 Billion, Liechtenstein-based Lennert Partners Files Class Action Lawsuit, Startup Legalpass Files Lawsuit for 3,000 Credit Suisse Shareholders, Swiss Investor Protection Association Files Lawsuit for 500 Investors
18th August 2023 – UBS is facing multiple lawsuits for buying Credit Suisse at only CHF 3 billion in March 2023, with Liechtenstein-based Lennert Partners filing a class action lawsuit in Zurich (Switzerland), startup Legalpass filing lawsuit for 3,000 Credit Suisse shareholders, and Swiss Investor Protection Association filing lawsuit for 500 investors. In July 2023, Ethos Foundation representing institutional investors owning around 5% of UBS & Credit Suisse, has joined a class action lawsuit campaign by Switzerland startup LegalPass for the low UBS acquisition price of Credit Suisse for CHF 3 billion. More info below.
Ethos Foundation Representing Institutional Investors Owning 5% of UBS & Credit Suisse Joins Class Action Lawsuit Campaign by Switzerland Startup LegalPass for Low UBS Acquisition Price of Credit Suisse for CHF 3 Billion
7th July 2023 – Ethos Foundation representing institutional investors owning around 5% of UBS & Credit Suisse, has joined a class action lawsuit campaign by Switzerland startup LegalPass for the low UBS acquisition price of Credit Suisse for CHF 3 billion. LegalPass: “To be eligible to participate, you simply needed to hold Credit Suisse ordinary shares (ISIN CH0012138530) or Credit Suisse American Depositary Shares (ADS, ISIN US2254011081) at the time the merger decision was made, i.e. on March 19, 2023 … … The price for participating is a flat fee. The minimum price is CHF 120.-, plus a premium of a few cents per share.” Earlier in June 2023, Credit Suisse shareholders had filed claims to Switzerland Zurich Commercial Court against UBS to increase Credit Suisse acquisition price from CHF 3 billion to CHF 7.3 billion. On 22nd May 2023, a Credit Derivatives Committee announced an unanimous decision on no credit default swaps payout as Credit Suisse merger into UBS is not a bankruptcy credit event. More info below.
Ethos Foundation – Ethos, Swiss Foundation for Sustainable Development, is composed of 250 Swiss pension funds and public utility foundations. Ethos was founded in 1997 and aims at promoting socially responsible investment (SRI) as well as a stable and prosperous socio-economic environment that safeguards the interests of civil society today and in the future. The Ethos Foundation is a foundation under Swiss law. The highest governing body of the Ethos Foundation is the foundation board. The members’ general meeting issues recommendations to the foundation board, in particular regarding the charter and the articles of association.
Credit Suisse Shareholders File Claims to Switzerland Zurich Commercial Court Against UBS to Increase Acquisition Price from CHF 3 Billion to CHF 7.3 Billion
1st June 2023 – Commercial Court against UBS to increase Credit Suisse acquisition price from CHF 3 billion to CHF 7.3 billion. On 22nd May 2023, a Credit Derivatives Committee announced an unanimous decision on no credit default swaps payout as Credit Suisse merger into UBS is not a bankruptcy credit event. The Credit Derivatives Determinations Committee (CDDC) had also released a statement (17/5/23) on Credit Suisse Additional Tier-1 (AT1) bonds write-down will not trigger default swaps payout (insurance payout) as the AT1 securities are junior (lower-rank) to subordinated bonds. The Credit Derivatives Determinations Committee (CDDC) panel is comprised of 11 members from Bank of America, Barclays, BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Mizuho Securities, Elliott, Citadel & PIMCO. More info below on Credit Suisse AT1 bonds. More info below.
Credit Derivatives Committee Announced Unanimous Decision on No Credit Default Swaps Payout as Credit Suisse Merger into UBS is Not a Bankruptcy Credit Event
27th May 2023 – A Credit Derivatives Committee has announced an unanimous decision (22/5/23) on no credit default swaps payout as Credit Suisse merger into UBS is not a bankruptcy credit event. The Credit Derivatives Determinations Committee (CDDC) had also released a statement (17/5/23) on Credit Suisse Additional Tier-1 (AT1) bonds write-down will not trigger default swaps payout (insurance payout) as the AT1 securities are junior (lower-rank) to subordinated bonds. The Credit Derivatives Determinations Committee (CDDC) panel is comprised of 11 members from Bank of America, Barclays, BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Mizuho Securities, Elliott, Citadel & PIMCO. More info below on Credit Suisse AT1 bonds. More info below.
Credit Derivatives Committee Released Statement on Credit Suisse Additional Tier-1 Bonds Write-down Will Not Trigger Default Swaps Payout as Securities are Junior to Subordinated Bonds, 11 Members Committee from Bank of America, Barclays, BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Mizuho Securities, Elliott, Citadel & PIMCO
19th May 2023 – The Credit Derivatives Determinations Committee (CDDC) has released a statement (17/5/23) on Credit Suisse Additional Tier-1 (AT1) bonds write-down will not trigger default swaps payout (insurance payout) as the AT1 securities are junior (lower-rank) to subordinated bonds. The Credit Derivatives Determinations Committee (CDDC) panel is comprised of 11 members from Bank of America, Barclays, BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Mizuho Securities, Elliott, Citadel & PIMCO. More info below on Credit Suisse AT1 bonds.
UBS Estimates $17 Billion of Losses from Acquiring Credit Suisse on Assets & Potential Lawsuits Offset by $17.2 Billion Credit Suisse Additional Tier-1 Bond Write-down, Book $34.8 Billion Goodwill Gain from Buying Credit Suisse at a Fraction of Book Value
17th May 2023 – UBS in a United States Securities & Exchange Commission (SEC) regulatory filing (17/5/23), has estimated $17 billion of losses from acquiring Credit Suisse on assets & potential lawsuits offset by $17.2 billion Credit Suisse additional Tier-1 (AT1) bond write-down, with UBS also booking a one-time negative goodwill of $34.8 billion from buying Credit Suisse at a fraction of book value. Earlier in May 2023, over 1,000 investors representing 33% of the full write-down of the $17.2 billion Credit Suisse Additional Tier 1 Capital (AT1), were represented by law firm Quinn Emanuel Urquhart & Sullivan and joined by 5 law firms from United States (Maher & Deutsch), United Kingdom (Keidan Harrison), Switzerland (Geissbühler Weber & Partners), Middle-East (Legal Counsel, Gulf Cooperation Council) & Singapore (Engelin Teh). The appeal filed by law firm Quinn Emanuel Urquhart & Sullivan, has a 86% winning record from 2,500 cases. Asia investors in Singapore & Japan have also started class action lawsuit against Credit Suisse / Switzerland Government / FINMA (Swiss Financial Market Supervisory Authority) for total loss on $17.2 billion Credit Suisse Additional Tier-1 bonds (AT1), with Singapore law firms Withers and Drew & Napier, Japan Masuda & Partners Law Office the latest law firms to start the actions for investors.
Asia Investors in Singapore & Japan Starts Class Action Lawsuit Against Credit Suisse or Switzerland Government or FINMA for Total Loss on $17.2 Billion Credit Suisse Additional Tier-1 Bonds, Singapore Law Firms Withers and Drew & Napier, Japan Masuda & Partners Law Office
11th May 2023 – Asia investors in Singapore & Japan have started class action lawsuit against Credit Suisse / Switzerland Government / FINMA (Swiss Financial Market Supervisory Authority) for total loss on $17.2 billion Credit Suisse Additional Tier-1 bonds (AT1), with Singapore law firms Withers and Drew & Napier, Japan Masuda & Partners Law Office the latest law firms to start the actions for investors. Earlier in May 2023, over 1,000 investors representing 33% of the full write-down of the $17.2 billion Credit Suisse Additional Tier 1 Capital (AT1), were represented by law firm Quinn Emanuel Urquhart & Sullivan and joined by 5 law firms from United States (Maher & Deutsch), United Kingdom (Keidan Harrison), Switzerland (Geissbühler Weber & Partners), Middle-East (Legal Counsel, Gulf Cooperation Council) & Singapore (Engelin Teh). The appeal filed by law firm Quinn Emanuel Urquhart & Sullivan, has a 86% winning record from 2,500 cases. In March 2023, the Swiss Financial Market Supervisory Authority (FINMA) issued a statement to explain the basis of Credit Suisse complete AT1 write-down, providing the contractual basis for Credit Suisse $17.2 billion Tier 1 Capital write-down – A viability event is triggered if extraordinary government support is granted, and Credit Suisse was granted Federal Default Guarantee on 19th March 2023. More info below.
Swiss Regulator FINMA Receives Group Appeal from Over 1,000 Investors Representing 33% of the Full Write-down $17.2 Billion Credit Suisse Additional Tier 1 Capital , Represented by Law Firm Quinn Emanuel Urquhart & Sullivan & 5 Global Law Firms from United States, United Kingdom, Switzerland, Middle-East & Singapore
5th May 2023 – Swiss regulator FINMA (Swiss Financial Market Supervisory Authority) has now received a group appeal from over 1,000 investors representing 33% of the full write-down of the $17.2 billion Credit Suisse Additional Tier 1 Capital (AT1), represented by law firm Quinn Emanuel Urquhart & Sullivan and joined by 5 law firms from United States (Maher & Deutsch), United Kingdom (Keidan Harrison), Switzerland (Geissbühler Weber & Partners), Middle-East (Legal Counsel, Gulf Cooperation Council) & Singapore (Engelin Teh). The appeal filed by law firm Quinn Emanuel Urquhart & Sullivan, has a 86% winning record from 2,500 cases. In March 2023, the Swiss Financial Market Supervisory Authority (FINMA) issued a statement to explain the basis of Credit Suisse complete AT1 write-down, providing the contractual basis for Credit Suisse $17.2 billion Tier 1 Capital write-down – A viability event is triggered if extraordinary government support is granted, and Credit Suisse was granted Federal Default Guarantee on 19th March 2023.
Richard East, Quinn Emanuel Senior Partner in London: “We are extremely pleased to have been retained by a key AT1 bondholder group and now look forward to seeking compensation for our clients, drawing on our extensive experience in situations of this kind.
Dennis Hranitzky, Quinn Emanuel United States & London-based partner Sovereign Litigation & Global Asset Recovery practices: “This mandate is a perfect fit for our seamless multijurisdictional insolvency and asset recovery practices.”
Thomas Werlen, Managing Partner of Quinn Emanuel Urquhart & Sullivan (Schweiz) GmbH: “There is still a chance that the various actors will recognize and correct the mistakes made in hastily orchestrating this merger. While we are certainly prepared to pursue whatever proceedings are necessary, a potential constructive engagement with the relevant stakeholders could prevent years of litigation. That will be an important focus for us over the coming weeks. Although we unfortunately cannot represent every bondholder who has been affected by the write-down of the bonds, we have set up a website where all investors can find updates, key documents and press releases pertinent to this matter. The website can be found at www.QuinnAT1bondholdergroup.com.”
Swiss & International Investors with $5.2 Billion of Credit Suisse AT1 Bonds File Appeal to Switzerland Regulator FINMA for Losses, Law Firm Quinn Emanuel Urquhart & Sullivan Has 86% Winning Record from 2,500 Cases
27th April 2023 – Swiss & international investors with $5.2 billion (CHF 4.5 billion) of Credit Suisse Additional Tier-1 bonds (AT1) have filed an appeal to Switzerland regulator FINMA (Swiss Financial Market Supervisory Authority) for losses on the AT1 Bonds after a full write-down, with the appeal filed by law firm Quinn Emanuel Urquhart & Sullivan which has a 86% winning record from 2,500 cases. In March 2023, the Swiss Financial Market Supervisory Authority (FINMA) issued a statement to explain the basis of Credit Suisse complete AT1 write-down, providing the contractual basis for Credit Suisse $17.2 billion Tier 1 Capital write-down – A viability event is triggered if extraordinary government support is granted, and Credit Suisse was granted Federal Default Guarantee on 19th March 2023.
Swiss Authority FINMA Provides Contractual Basis for Credit Suisse $17.2 Billion Tier 1 Capital Complete Write-down: Viability Event Triggered if Extraordinary Government Support is Granted, Credit Suisse Granted Federal Default Guarantee on 19th March 2023
25th March 2023 – The Swiss Financial Market Supervisory Authority (FINMA) has issued a statement to explain the basis of Credit Suisse complete AT1 write-down, providing the contractual basis for Credit Suisse $17.2 billion Tier 1 Capital write-down – A viability event is triggered if extraordinary government support is granted, and Credit Suisse was granted Federal Default Guarantee on 19th March 2023. Contractual basis: “The AT1 instruments issued by Credit Suisse contractually provide that they will be completely written down in a “Viability Event”, in particular if extraordinary government support is granted. As Credit Suisse was granted extraordinary liquidity assistance loans secured by a federal default guarantee on 19 March 2023, these contractual conditions were met for the AT1 instruments issued by the bank.” Federal Council’s Emergency Ordinance: “On 19 March 2023, the Federal Council enacted the Emergency Ordinance on Additional Liquidity Assistance Loans and the Granting of Federal Default Guarantees for Liquidity Assistance Loans by the Swiss National Bank to Systemically Important Banks. The Ordinance also authorises FINMA to order the borrower and the financial group to write down Additional Tier 1 capital. Based on the contractual agreements and the Emergency Ordinance, FINMA instructed Credit Suisse to write down the AT1 bonds.” FINMA CEO Urban Angehrn: “On Sunday, a solution could be found to protect clients, the financial centre and the markets. In this context, it is important that CS’s banking business continues to function smoothly and without interruption. That is now the case.” See below for more info
Viability Event Triggered on 19th March 2023 – Federal Default Guarantee Safeguarding financial market stability: Federal Council welcomes and supports UBS takeover of Credit Suisse
Bern, 19.03.2023 – The Federal Council welcomes the planned takeover of Credit Suisse by UBS. To strengthen financial market stability until the takeover is complete, the federal government is providing a guarantee for additional liquidity assistance from the Swiss National Bank (SNB) to Credit Suisse. This support is intended to secure the liquidity of Credit Suisse and thus also ensure the successful implementation of the takeover. The Federal Council is taking this measure in order to protect financial stability and the Swiss economy.
UBS announced today that it stands ready to take over Credit Suisse. The Federal Council welcomes this move as an important contribution to financial market stability. The Federal Council has agreed on additional liquidity measures to ensure business continuity at Credit Suisse until the takeover is complete and to reduce the burden on the Swiss economy.
- First, the Federal Council has created the necessary legal basis for the SNB to be able to provide Credit Suisse with additional liquidity assistance. Specifically, the Federal Council has established bankruptcy privilege rights for this additional liquidity assistance. This gives the SNB the necessary assurance to make available to Credit Suisse substantial additional liquidity.
- Second, to ensure that Credit Suisse is provided with sufficient liquidity at all times, the Federal Council has decided to give the SNB a default guarantee for liquidity assistance. Both of these measures were taken on the basis of Articles 184 and 185 of the Federal Constitution (emergency law).
These measures supplement SNB’s existing instruments for strengthening banks’ liquidity, which include standard emergency liquidity assistance (ELA). The Federal Council considers these measures to be the most appropriate solution to strengthen both market confidence in Credit Suisse and the Swiss financial centre. Similar instruments exist in the United States and also in the European Union and the United Kingdom. In order to reduce any risks for UBS, the federal government is also granting UBS a guarantee in the amount of CHF 9 billion to assume potential losses arising from certain assets that UBS takes over as part of the transaction, should any future losses exceed a certain threshold. The Federal Council submitted a request to the Finance Delegation for an emergency credit committment, and this was approved by the Finance Delegation today, Sunday, 19 March 2023.
With the measures taken it is ensured that the SNB is able to provide Credit Suisse with sufficient liquidity if necessary. Strict conditions are in place for drawing on this liquidity assistance. The Federal Council will also impose restrictions in regard to remuneration packages, pursuant to Article 10a of the Banking Act. The Federal Council has taken precautions to minimise the risk for the Confederation. Credit Suisse is thus required to pay a risk premium to both the federal government and the SNB, a commitment premium to the federal government for providing the default guarantee, and interest to the SNB. Together with the bankruptcy privilege rights, this means that the Confederation’s default risk exposure is low. The existing and newly available liquidity assistance from the SNB, together with the liquidity reserves available at Credit Suisse, are sufficient to comprehensively secure Credit Suisse’s liquidity. With this package of measures, the Federal Council is reaffirming its readiness to take the necessary measures to protect depositors and the stability of the Swiss financial centre.
Swiss Authority FINMA Provides Contractual Basis for $17.2 Billion Tier 1 Capital Complete Write-down
FINMA provides information about the basis for writing down AT1 capital instruments
23rd March 2023 – The Swiss Financial Market Supervisory Authority FINMA hereby explains the basis for the complete write-down of the nominal value of AT1 capital instruments issued by Credit Suisse. For this, FINMA relies on the issuance prospectuses for the bonds and the Federal Council’s Emergency Ordinance.
Due to numerous enquiries about Credit Suisse’s capital instruments, so-called AT1 bonds, FINMA is providing information about the basis for writing down these instruments. FINMA has instructed Credit Suisse to completely write down its AT1 instruments and to inform the bondholders concerned without delay. Tier 2 bonds are not written down. Questions regarding individual bonds should be addressed to the issuers of the capital instruments.
Contractual basis
The AT1 instruments issued by Credit Suisse contractually provide that they will be completely written down in a “Viability Event”, in particular if extraordinary government support is granted. As Credit Suisse was granted extraordinary liquidity assistance loans secured by a federal default guarantee on 19 March 2023, these contractual conditions were met for the AT1 instruments issued by the bank.
Federal Council’s Emergency Ordinance
On 19 March 2023, the Federal Council enacted the Emergency Ordinance on Additional Liquidity Assistance Loans and the Granting of Federal Default Guarantees for Liquidity Assistance Loans by the Swiss National Bank to Systemically Important Banks. The Ordinance also authorises FINMA to order the borrower and the financial group to write down Additional Tier 1 capital. Based on the contractual agreements and the Emergency Ordinance, FINMA instructed Credit Suisse to write down the AT1 bonds.
FINMA CEO Urban Angehrn: “On Sunday, a solution could be found to protect clients, the financial centre and the markets. In this context, it is important that CS’s banking business continues to function smoothly and without interruption. That is now the case.”
Instruments for institutional investors
AT1 instruments in Switzerland are designed in such a way that they are written down or converted into Common Equity Tier 1 capital before the equity capital of the bank concerned is completely used up or written down. The instruments publicly issued by large banks are mainly held by institutional investors due to their risk profile and large denominations.
Affected publicly issued instruments
The following is a list of all affected publicly issued Additional Tier 1 capital (AT1) instruments:
| ISIN | Date of issue | Currency | Name |
| US22546DAB29 (144A) / XS0989394589 (Reg S) | 11.12.2013 | USD | 7.500% Tier 1 Capital Notes |
| US225436AA21 (144A) / XS1076957700 (Reg S) | 18.12.2014 | USD | 6.250% Tier 1 Capital Notes |
| CH0360172719 | 22.03.2017 | CHF | 3.875% Perpetual Tier 1 Contingent Write-down Capital Notes |
| US225401AJ72 (144A) / USH3698DBW32 (Reg S) | 16.07.2018 | USD | 7.500% Perpetual Tier 1 Contingent Write-Down Capital Notes |
| CH0428194226 | 04.09.2018 | CHF | 3.500% Perpetual Tier 1 Contingent Write-down Capital Notes |
| US225401AK46 (144A) / USH3698DBZ62 (Reg S) | 12.09.2018 | USD | 7.250% Perpetual Tier 1 Contingent Write-down Capital Notes |
| CH0482172324 | 06.06.2019 | SGD | 5.625% Perpetual Tier 1 Contingent Write-down Capital Notes |
| US225401AL29 (144A) / USH3698DCP71 (Reg S) | 21.08.2019 | USD | 6.375% Perpetual Tier 1 Contingent Write-down Capital Notes |
| CH0494734384 | 11.09.2019 | CHF | 3.000% Perpetual Tier 1 Contingent Write-down Capital Notes |
| US225401AN84 (144A) / USH3698DCV40 (Reg S) | 24.01.2020 | USD | 5.100% Perpetual Tier 1 Contingent Write-down Capital Notes |
| US225401AR98 (144A) / USH3698DDA93 (Reg S) | 11.08.2020 | USD | 5.250% Perpetual Tier 1 Contingent Write-down Capital Notes |
| US225401AS71 (144A) / USH3698DDD33 (Reg S) | 09.12.2020 | USD | 4.500% Perpetual Tier 1 Contingent Write-down Capital Notes |
| US225401AX66 / USH3698DDQ46 | 23.06.2022 | USD | 9.750% Perpetual Tier 1 Contingent Write-down Capital Notes |
Credit Suisse $17.2 Billion Tier 1 Capital Notes to be Fully Written Off to Zero, Bondholders with 100% Capital Loss
20th March 2023 – Credit Suisse $17.2 billion Tier 1 Capital Notes (CHF 16 billion) will be fully written off to zero in the UBS acquisition of Credit Suisse for $3.24 billion, with Credit Suisse bondholders of the Tier 1 Capital Notes to suffer from 100% capital loss. On 19th March 2023 (Sunday), the Swiss Federal Department of Finance, the Swiss National Bank and FINMA have asked Credit Suisse and UBS to enter into the merger agreement. UBS will be the surviving entity upon closing of the merger transaction. More info on UBS acquiring Credit Suisse below:
UBS to Acquire 167-Year-Old Credit Suisse for $3.24 Billion with $5.4 Billion in Losses Guaranteed, UBS Bailout in 2008 by Swiss Government with CHF 20 Billion Losses
20th March 2023 – UBS (the largest bank in Switzerland) has announced to acquire 167-year-old Credit Suisse for $3.24 billion (transaction to close end 2023) with $5.4 billion in losses guaranteed by Swiss Government in the latest casualty of the 2023 Banking Crisis (Silicon Valley & Signature Bank, First Republic Bank averted a collapse). Over the last 3 years, Credit Suisse had been hit with numerous lawsuits and losses, including from $120 billion Archegos family office, $10 billion Greensill supply-chain fund and ongoing billion-dollar lawsuit by former Georgia Prime Minister Bidzina Ivanishvili for losing $1.27 billion & failing to safeguard his investments. 15 years ago in 2008, UBS was bailout by the Swiss Government ($6.1 billion, $66 billion in guarantee for bad securities) after recording CHF 20 billion losses (United States Subprime – Real Estate funds & derivatives), and subsequently investigated by United States authorities for helping American clients to evade tax. Key Facts: On 19th March 2023 (Sunday), the Swiss Federal Department of Finance, the Swiss National Bank and FINMA have asked Credit Suisse and UBS to enter into the merger agreement. UBS will be the surviving entity upon closing of the merger transaction. All shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse as merger consideration. This exchange ratio reflects a merger consideration of CHF 3 billion for all shares in Credit Suisse. Credit Suisse’s Additional Tier 1 Capital (deriving from the issuance of Tier 1 Capital Notes) in the aggregate nominal amount of approximately CHF 16 billion will be written off to zero. For the purpose of a seamless integration of Credit Suisse into UBS, UBS is expected to appoint key personnel to Credit Suisse as soon as legally possible. The merger is expected to be consummated by end of 2023. Colm Kelleher will be Chairman and Ralph Hamers will be Group CEO of the combined entity. Swiss Emergency Ordinance: In consideration of the unique circumstances affecting the Swiss economy as a whole, the Swiss Federal Council is issuing an emergency ordinance (Notverordnung) tailored to this particular transaction. Most importantly, the merger will be implemented without the otherwise necessary approval of the shareholders of UBS and Credit Suisse to enhance deal certainty. More info below on UBS acquiring Credit Suisse below.
UBS to Acquire 167-Year-Old Credit Suisse for $3.24 Billion with $5.4 Billion in Losses Guaranteed
Key Facts: On 19th March 2023 (Sunday), the Swiss Federal Department of Finance, the Swiss National Bank and FINMA have asked Credit Suisse and UBS to enter into the merger agreement. UBS will be the surviving entity upon closing of the merger transaction. All shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse as merger consideration. This exchange ratio reflects a merger consideration of CHF 3 billion for all shares in Credit Suisse. Credit Suisse’s Additional Tier 1 Capital (deriving from the issuance of Tier 1 Capital Notes) in the aggregate nominal amount of approximately CHF 16 billion will be written off to zero. For the purpose of a seamless integration of Credit Suisse into UBS, UBS is expected to appoint key personnel to Credit Suisse as soon as legally possible. The merger is expected to be consummated by end of 2023. Colm Kelleher will be Chairman and Ralph Hamers will be Group CEO of the combined entity.
Swiss Emergency Ordinance: In consideration of the unique circumstances affecting the Swiss economy as a whole, the Swiss Federal Council is issuing an emergency ordinance (Notverordnung) tailored to this particular transaction. Most importantly, the merger will be implemented without the otherwise necessary approval of the shareholders of UBS and Credit Suisse to enhance deal certainty.
Financial
- All shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse as merger consideration. This exchange ratio reflects a merger consideration of CHF 3 billion for all shares in Credit Suisse.
- UBS benefits from CHF 25 billion of downside protection from the transaction to support marks, purchase price adjustments and restructuring costs, and additional 50% downside protection on non-core assets. Both banks have unrestricted access to the Swiss National Bank existing facilities, through which they can obtain liquidity from the SNB in accordance with the guidelines on monetary policy instruments.
- The combination is expected to create a UBS business with more than USD 5 trillion in total invested assets and sustainable value opportunities. It will further strengthen UBS’s position as the leading Swiss-based global wealth manager with more than USD 3.4 trillion in invested assets on a combined basis, operating in the most attractive growth markets.
- The transaction reinforces UBS’s position as the leading universal bank in Switzerland. The combined businesses will be a leading asset manager in Europe, with invested assets of more than USD 1.5 trillion.
Axel P. Lehmann, Chairman of the Board of Directors of Credit Suisse: “Given recent extraordinary and unprecedented circumstances, the announced merger represents the best available outcome. This has been an extremely challenging time for Credit Suisse and while the team has worked tirelessly to address many significant legacy issues and execute on its new strategy, we are forced to reach a solution today that provides a durable outcome.”
UBS Chairman Colm Kelleher: “This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue. We have structured a transaction which will preserve the value left in the business while limiting our downside exposure. Acquiring Credit Suisse’s capabilities in wealth, asset management and Swiss universal banking will augment UBS’s strategy of growing its capital-light businesses. The transaction will bring benefits to clients and create long-term sustainable value for our investors.”
UBS Chief Executive Officer Ralph Hamers: “Bringing UBS and Credit Suisse together will build on UBS’s strengths and further enhance our ability to serve our clients globally and deepen our best-in-class capabilities. The combination supports our growth ambitions in the Americas and Asia while adding scale to our business in Europe, and we look forward to welcoming our new clients and colleagues across the world in the coming weeks.”
$56 Billion UBS to Explore Buying $8.05 Billion Credit Suisse in Parts or in Full, Urged by Swiss Regulator FINMA
18th March 2023 – UBS with $56 billion market value (17/3/23) is exploring options to buy Credit Suisse with market value of $8.05 billion (17/3/23) in parts or in full, urged by Swiss regulator FINMA (Swiss Financial Market Supervisory Authority). Both UBS & Credit Suisse board members are expected to meet separately this weekend, regarding the acquisition options (Media Reports by Bloomberg & Financial Times, citing UBS & Credit Suisse decline to comment). In 2022, UBS reported net profit of $7.6 billion while Credit Suisse reported a net loss of $7.9 billion.
Over the last 3 years, Credit Suisse had been hit with numerous lawsuits and losses, including from $120 billion Archegos family office, $10 billion Greensill supply-chain fund and ongoing billion-dollar lawsuit by former Georgia Prime Minister Bidzina Ivanishvili for losing $1.27 billion & failing to safeguard his investments.
On 15th March 2023, Switzerland central bank Swiss National Bank (SNB) & supervisory authority FINMA (Swiss Financial Market Supervisory Authority) has issued a statement on the risks of banking contagion from United States – United States bank problems pose no direct risk to Swiss financial markets, Credit Suisse stock & debts prices affected and Swiss National Bank will provide Credit Suisse with liquidity. On 16th February 2023, Credit Suisse exercised its option to borrow $54 billion (CHF 50 billion) from Swiss National Bank (SNB, Switzerland central bank) and announced an offer to buyback $3.2 billion of senior debts with offer expiring on 23rd March. More info below
Central Bank Swiss National Bank & Supervisory Authority FINMA Statement: United States Bank Problems Pose No Direct Risk to Swiss Financial Markets, Credit Suisse Stock & Debts Prices Affected and Will Provide Credit Suisse with Liquidity
16th March 2023 – Switzerland central bank Swiss National Bank (SNB) & supervisory authority FINMA (Swiss Financial Market Supervisory Authority) has issued a statement on the risks of banking contagion from United States – United States bank problems pose no direct risk to Swiss financial markets, Credit Suisse stock & debts prices affected and Swiss National Bank will provide Credit Suisse with liquidity. SNB & FINMA: “ Problems of certain banks in the USA do not pose a direct risk of contagion for the Swiss financial markets. The strict capital and liquidity requirements applicable to Swiss financial institutions ensure their stability. Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks. If necessary, the SNB will provide CS with liquidity.” 16th March 2023 – Credit Suisse has exercised its option to borrow $54 billion (CHF 50 billion) from Swiss National Bank (SNB, Switzerland central bank) and announced an offer to buyback $3.2 billion of senior debts with offer expiring on 23rd March. Credit Suisse share price had decreased -35.2% in the last 5 days, YTD (Year-to-date) is at –41.1% and 1 year performance is -76.2%, and with current market value of $7.29 billion (16/3/23 CHF 1.70). Some of the largest banks in Switzerland are Credit Suisse, UBS, Julius Baer, Julius Baer, Vontobel, Pictet Group, Lombard Odier Group, J. Safra Sarasin, UBP (Union Bancaire Privée) & EFG Bank. See below for statement & more info below.
Central Bank Swiss National Bank & Supervisory Authority FINMA Statement
The Swiss National Bank SNB and the Swiss Financial Market Supervisory Authority FINMA assert that the problems of certain banks in the USA do not pose a direct risk of contagion for the Swiss financial markets. The strict capital and liquidity requirements applicable to Swiss financial institutions ensure their stability. Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks. If necessary, the SNB will provide CS with liquidity.
15th March 2023 – The SNB and FINMA are pointing out in this joint statement that there are no indications of a direct risk of contagion for Swiss institutions due to the current turmoil in the US banking market.
Regulation in Switzerland requires all banks to maintain capital and liquidity buffers that meet or exceed the minimum requirements of the Basel standards. Furthermore, systemically important banks have to meet higher capital and liquidity requirements. This allows negative effects of major crises and shocks to be absorbed.
Credit Suisse’s stock exchange value and the value of its debt securities have been particularly affected by market reactions in recent days. FINMA is in very close contact with the bank and has access to all information relevant to supervisory law. Against this background, FINMA confirms that Credit Suisse meets the higher capital and liquidity requirements applicable to systemically important banks. In addition, the SNB will provide liquidity to the globally active bank if necessary. FINMA and the SNB are following developments very closely and are in close contact with the Federal Department of Finance to ensure financial stability.
Credit Suisse Exercised Option to Borrow $54 Billion from Swiss National Bank & Announced Offer to Buyback $3.2 Billion of Senior Debts with Offer Expiring on 23rd March, Credit Suisse Share Price 5 Days -35.2%, YTD -41.1% & 1 Year -76.2% with Market Value of $7.29 Billion
16th March 2023 – Credit Suisse has exercised its option to borrow $54 billion (CHF 50 billion) from Swiss National Bank (SNB, Switzerland central bank) and announced an offer to buyback $3.2 billion of senior debts with offer expiring on 23rd March. Credit Suisse share price had decreased -35.2% in the last 5 days, YTD (Year-to-date) is at –41.1% and 1 year performance is -76.2%, and with current market value of $7.29 billion (16/3/23 CHF 1.70). On 14th March 2023, Credit Suisse released its 2022 Annual Report stating the bank had identified “material weakness” in internal controls over financial reporting and not yet stemmed customer outflows. On 11th March 2023, Swiss financial regulator FINMA (Financial Market Supervisory Authority) has concluded its review with no further action on potential misleading remarks by Credit Suisse Chairman Axel Lehmann on Credit Suisse asset outflows in December 2022, commenting outflow had stabilized in early December 2022 with “outflow flattened out & partial inflow”. On 9th March 2023, Credit Suisse announced the delay in releasing Credit Suisse 2022 Annual Report (Financials), following a call with the United States SEC (Securities & Commission) on disclosed revisions of the Credit Suisse consolidated cash flow statements for 2019 & 2020 (8/3/23, Wednesday). See below for more information.
Credit Suisse Exercised Option to Borrow $54 Billion from Swiss National Bank & Announced Offer to Buyback $3.2 Billion of Senior Debts with Offer Expiring on 23rd March
Credit Suisse Group takes decisive action to pre-emptively strengthen liquidity and announces public tender offers for debt securities
16th March 2023 – Credit Suisse is taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank (SNB) up to CHF 50 billion under a Covered Loan Facility as well as a short-term liquidity facility, which are fully collateralized by high quality assets. Credit Suisse also announces offers by Credit Suisse International to repurchase certain OpCo senior debt securities for cash of up to approximately CHF 3 billion.
Credit Suisse announces its intention to access the SNB’s Covered Loan Facility as well as a short-term liquidity facility of up to approximately CHF 50 billion in aggregate. This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs.
Credit Suisse also announces today that it is making a cash tender offer in relation to ten US dollar denominated senior debt securities for an aggregate consideration of up to USD 2.5 billion. Concurrently, Credit Suisse is also announcing a separate cash tender offer in relation to four Euro denominated senior debt securities for an aggregate consideration of up to EUR 500 million. Both offers are subject to various conditions as set out in the respective tender offer memoranda. The offers will expire on March 22, 2023, subject to the terms and conditions set out in the offer documents. The transactions are consistent with our proactive approach to managing our overall liability composition and optimizing interest expense and allow us to take advantage of current trading levels to repurchase debt at attractive prices.
CEO Ulrich Koerner said: “These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders. We thank the SNB and FINMA as we execute our strategic transformation. My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs.”
As a global systemically important bank, Credit Suisse, like its global peers, is subject to high standards for capital, funding, liquidity and leverage requirements. As of the end of 2022, Credit Suisse had a CET1 ratio of 14.1% and an average liquidity coverage ratio1 (LCR) of 144%, which has since improved to approximately 150% (as of March 14, 2023). The use of the Covered Loan Facility of CHF 39 billion will further strengthen the LCR with immediate effect. Credit Suisse is conservatively positioned against interest rate risks. The volume of duration fixed income securities is not material compared to the overall HQLA (high quality liquid assets) portfolio and, in addition, is fully hedged for moves in interest rates. Moreover, the loan book is highly collateralized at almost 90%, with more than 60% in Switzerland and an average provision for credit loss ratio of 8 bps across Wealth Management and the Swiss Bank2.
Following the Group’s strategy announcement on October 27, 2022, Credit Suisse has made significant progress toward this transformation and on an accelerated schedule to build the foundation for the new Credit Suisse. Its strategy includes decisive actions to radically restructure the Investment Bank, including the substantial exit from the Securitized Products Group where the bank has already achieved more than 70% of the targeted asset reduction. The bank has also accelerated its cost transformation and is well on track to deliver CHF ~2.5 billion of cost base reductions by 2025, including CHF ~1.2 billion in 2023.
Credit Suisse Announced Delay Release of 2022 Annual Report Following Call with United States SEC on Disclosed Revisions of Consolidated Cash Flow Statements for 2019 & 2020
9th March 2023 – Suisse 2022 Annual Report (Financials), following a call with the United States SEC (Securities & Commission) on disclosed revisions of the Credit Suisse consolidated cash flow statements for 2019 & 2020 (8/3/23, Wednesday). Credit Suisse: “Credit Suisse Group announces today that it will delay the publication of its 2022 Annual Report and related Annual Report on Form 20-F following a late call on the evening of March 8, 2023, from the U.S. Securities and Exchange Commission (SEC) in relation to certain open SEC comments about the technical assessment of previously disclosed revisions to the consolidated cash flow statements in the years ended December 31, 2020, and 2019, as well as related controls. For more information, please see Note 1 – Summary of significant accounting policies – revisions of prior period financial statements to the consolidated financial statements for the period ended December 31, 2021, in our annual report on Form 20-F for the fiscal year ended December 31, 2021. Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received. We confirm the 2022 financial results as previously released on February 9, 2023, are not impacted by the above.” In February 2023, Swiss financial regulator FINMA is reviewing potential misleading remarks by Credit Suisse Chairman Axel Lehmann on asset outflows in December 2022, commenting outflow had stabilized in early December 2022 with “outflow flattened out & partial inflow”. In 2023 February (9/2/23), Credit Suisse reported outflow of $119 billion (CHF 110.5 billion) in the last 3 months of 2022. For 2022, Credit Suisse reported net loss of CHF 3.2 billion and total assets of CHF 1.294 billion with net asset outflow of CHF 123.2 billion.
Credit Suisse Announced Delay Release of 2022 Annual Report Following Call with United States SEC on Disclosed Revisions of Consolidated Cash Flow Statements for 2019 & 2020
Credit Suisse
Credit Suisse is one of the world’s leading financial services providers. The bank’s strategy builds on its core strengths: its position as a leading wealth manager, its specialist investment banking and asset management capabilities and its strong presence in its home market of Switzerland. Credit Suisse seeks to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. The bank employs more than 50,000 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
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