SWITZERLAND DAYBOOK: Credit Suisse U.S. Tax Case, UBS M&A Unit
Credit Suisse Group AG (CSGN) seemed to have structures in place “that prevented systemic fraud” in the United States, Neue Zuercher Zeitung reported, citing an interview with Donald S. Beyer, the U.S. ambassador to Switzerland.
Beyer expects that lawsuits by U.S. authorities will be limited “to a few people,” the newspaper reported, and the ambassador doesn’t have any hints of systemic fraud committed by the bank. The Credit Suisse case differs from UBS regarding those structures, the paper said, citing Beyer.
WHAT TO WATCH *UBS consumption indicator published at 8:00 a.m.
EQUITIES *UBS names Liam Beere and Cary Kochman as joint global M&A heads *Zehnder Group proposes SF25 dividend, SF50 par value payment
POLITICS/ECONOMICS *Switzerland to sell 3-month bills
MARKETS: *The SMI increased 0.1 percent to 6359.02. *The SPI added 0.2 percent to 5785.24. *The Stoxx Europe 600 Index little changed at 276.24. *The MSCI Asia-Pacific Index little changed at 133.59 at 7:08 a.m. in Zurich *Euro -- Franc at 1.2907 at 7:08 a.m. in Zurich
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