Latest news with #CreditSuisseGroup
Bloomberg
4 days ago
- Business
- Bloomberg
How UBS's Capital Conundrum Is Moving Into Hot Phase: QuickTake
When UBS Group AG bought Credit Suisse a little over two years ago, some dubbed it the 'deal of the century.' But the full cost of the takeover for the largest global wealth manager is only now about to emerge. Switzerland plans to unveil the outlines of a draft law Friday that will set the framework for how much in additional capital UBS will hold as a result of its increased size following the government-engineered deal in early 2023. A demand of as much as $25 billion is possible, analysts say, potentially crimping UBS's ability to pay out money to investors.
Yahoo
06-05-2025
- Business
- Yahoo
UBS to pay $511m to settle Credit Suisse tax evasion case
UBS Group has agreed to pay $511m to resolve a US investigation into its subsidiary, Credit Suisse Group, regarding its role in facilitating tax evasion for wealthy Americans. This settlement follows a guilty plea from Credit Suisse Services, which admitted to conspiring to conceal over $4bn from the Internal Revenue Service (IRS) through at least 475 offshore accounts. As part of the settlement, Credit Suisse Services has entered into a non-prosecution agreement with the Justice Department's Tax Division and the US Attorney's Office for the Eastern District of Virginia. This agreement requires the company to assist in ongoing investigations and pay penalties related to US accounts managed at Credit Suisse Singapore. It mandates cooperation with the Justice Department concerning US taxpayers who used offshore accounts to evade tax obligations. The plea agreement indicates that from 1 January 2010 , to approximately July 2021, Credit Suisse conspired with employees and US clients to hide asset ownership at the bank. This scheme allowed US clients to evade tax responsibilities by maintaining undeclared offshore accounts and receiving private banking services that concealed their income from the IRS. Credit Suisse bankers engaged in fraudulent activities, including falsifying records and processing unsubstantiated donation paperwork, while managing over $1bn in accounts without proper tax compliance documentation. From 2014 to June 2023, Credit Suisse Singapore managed undeclared accounts for US individuals, totalling over $2bn in assets. The bank failed to identify the true beneficial owners of these accounts and did not conduct adequate inquiries regarding US tax obligations. Following the merger of UBS Singapore and Credit Suisse Singapore in 2023, UBS identified several undeclared US accounts, froze them, and voluntarily reported this information to the Justice Department while cooperating in the investigation. In March this year, UBS received approval from the China Securities Regulatory Commission (CSRC) to sell a 36.01% stake in Credit Suisse Securities (China) Limited (CSS) to Beijing State-owned Assets Management (BSAM) . UBS will retain a 14.99% stake in the China unit. "UBS to pay $511m to settle Credit Suisse tax evasion case" was originally created and published by Private Banker International, a GlobalData owned brand.
Bloomberg
05-05-2025
- Business
- Bloomberg
UBS Will Pay $511 Million to End Credit Suisse Tax Probe in US
UBS Group AG agreed to pay $511 million to settle a US investigation into how Credit Suisse Group, the Swiss bank it bought, helped rich Americans evade taxes even after pledging to stop the practice a decade ago. A Credit Suisse unit pleaded guilty to conspiring to help its customers file false US tax returns and agreed to pay $372 million, UBS said in a statement Monday. The unit will pay an additional $139 million penalty as part of a related settlement.
