{"id":9715,"date":"2023-05-17T00:10:39","date_gmt":"2023-05-17T04:10:39","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/credit-suisse-faces-restrictions-on-business-till-deal-closure\/"},"modified":"2023-05-17T00:10:39","modified_gmt":"2023-05-17T04:10:39","slug":"credit-suisse-faces-restrictions-on-business-till-deal-closure","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9715","title":{"rendered":"Credit Suisse faces restrictions on business till deal closure"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A view shows the logo of Credit Suisse on a building near the Hallenstadion in Zurich, Switzerland, April 4, 2023. REUTERS\/Pierre Albouy<\/span>
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(Reuters) -Credit Suisse Group AG faces certain restrictions in its ability to do business until its acquisition by rival UBS Group AG (SIX:) is completed, according to a regulatory filing on Tuesday. <\/p>\n

In certain cases, without prior UBS approval, Credit Suisse cannot grant a new credit facility or credit line in an amount exceeding 100 million Swiss francs ($113 million) to investment grade borrowers or more than 50 million francs to non-investment grade borrowers, the filing showed. <\/p>\n

In addition, Credit Suisse cannot undertake any capital expenditure of more than 10 million francs or enter into certain contracts worth more than 3 million francs per year.<\/p>\n

The filing also showed Credit Suisse cannot order any “material amendments” to its employee terms and conditions, including remuneration and pension entitlements, while the merger is underway.<\/p>\n

UBS is in the process of integrating its major rival following a government-orchestrated takeover in March.<\/p>\n

It said it had set aside $4 billion in provisions for potential litigation and regulatory issues as it prepared to complete the rescue of its Swiss rival.<\/p>\n

UBS estimated a “negative goodwill” of $34.8 billion from its acquisition of Credit Suisse.<\/p>\n

($1 = 0.8889 Swiss francs)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A view shows the logo of Credit Suisse on a building near the Hallenstadion in Zurich, Switzerland, April 4, 2023. REUTERS\/Pierre Albouy (Reuters) -Credit Suisse Group AG faces certain restrictions in its ability to do business until its acquisition by rival UBS Group AG (SIX:) is completed, according to a regulatory […]<\/p>\n","protected":false},"author":1,"featured_media":4388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-9715","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nCredit Suisse faces restrictions on business till deal closure | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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