News Centre

Statement By US Secretary Of The Treasury Janet L. Yellen And Federal Reserve Board Chair Jerome H. Powell

Date 19/03/2023

The following statement was released by Secretary of the Treasury Janet L. Yellen and Federal Reserve Board Chair Jerome H. Powell:

"We welcome the announcements by the Swiss authorities today to support financial stability. The capital and liquidity positions of the U.S. banking system are strong, and the U.S. financial system is resilient. We have been in close contact with our international counterparts to support their implementation."

UK FCA Statement In Response To An Announcement By FINMA

Date 19/03/2023

Earlier today, the Swiss authorities announced a wide range of actions to support financial stability. The FCA has been in contact with its Swiss counterparts and other UK regulatory authorities in advance of todays announcements.

Bank Of England Statement: Credit Suisse

Date 19/03/2023

We welcome the comprehensive set of actions set out by the Swiss authorities today in order to support financial stability. We have been engaging closely with international counterparts throughout the preparations for today’s announcements and will continue to support their implementation. The UK banking system is well capitalised and funded, and remains safe and sound.

FINMA Approves Merger Of UBS And Credit Suisse

Date 19/03/2023

Swiss National Bank Provides Substantial Liquidity Assistance To Support UBS Takeover Of Credit Suisse

Date 19/03/2023

UBS today announced the takeover of Credit Suisse. This takeover was made possible with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank.

Credit Suisse And UBS To Merge - Ad Hoc Announcement Pursuant To Art. 53 LR

Date 19/03/2023

Credit Suisse and UBS have entered into a merger agreement on Sunday following the intervention of the Swiss Federal Department of Finance, the Swiss National Bank and the Swiss Financial Market Supervisory Authority FINMA (FINMA). UBS will be the surviving entity upon closing of the merger transaction. Under the terms of the merger agreement all shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse. Until consummation of the merger, Credit Suisse will continue to conduct its business in the ordinary course and implement its restructuring measures in collaboration with UBS. The Swiss National Bank will grant Credit Suisse access to facilities that provide substantial additional liquidity. On March 19, 2023, Swiss Federal Department of Finance, the Swiss National Bank and FINMA have asked Credit Suisse and UBS to enter into the merger agreement. Pursuant to the emergency ordinance which is being issued by the Swiss Federal Council, the merger can be implemented without approval of the shareholders. The consummation of the merger remains subject to customary closing conditions.

UBS To Acquire Credit Suisse - Transaction Creates Significant Sustainable Value For UBS Shareholders

Date 19/03/2023

• Creates leading global wealth manager with USD 5 trillion of invested assets across the Group
• Extends UBS lead in Swiss home market
• UBS strategy unchanged, including focus on growth in Americas and APAC
• Attractive financial terms which include downside protection
• Annual run-rate of cost reduction of more than USD 8 billion expected by 2027
• UBS remains strongly capitalized well above our target of 13% and committed to progressive cash dividend policy
• A focused Investment Bank, remaining committed to UBS’s model; strategic Global Banking businesses to be retained, majority of Credit Suisse markets positions moved to non-core

Tehran Stock Exchange Weekly Market Review 11 March 2023 To 15 March 2023

Date 19/03/2023

Click here to download Tehran Stock Exchange's weekly market review.

To Enhance The Competitiveness, The Amman Stock Exchange Amends The Directives For Listing Securities, And Approves The Rules For Establishing The Investor Relations Unit (IR) As Of The Current Year

Date 19/03/2023

Mr. Mazen Wathafi Chief Executive Officer of Amman Stock Exchange company (ASE) said that in light of the ASE's efforts to develop all regulatory and legislative frameworks and apply the latest international standards and practices in the market in order to enhance the investment climate and enhance its competitiveness, the ASE has amended the Directives for listing securities for the year 2018, and approved the rules for establishing an investor relations unit in the listed companies, he indicated that a new item has been added to the provisions of Article (9) of the Directives for listing securities obligating the listed companies included in the ASE20 index sample to establish a unit or department responsible for investor relations in accordance with the rules set by the ASE, he added that the investor relations play an important and vital role in opening effective channels of communication with financial analysts, investors, media representatives, shareholders and others, and transmitting the information of the market to the company’s  board of directors and executive management, which leads to consolidating the relationship with current and potential investors and enhancing the attractiveness and competitiveness of these companies, as well as reducing negative rumors that lead to disruption, confusion in the market and fluctuations in prices and trading volumes.

The Amman Stock Exchange Working And Trading Hours During The Holy Month Of Ramadan

Date 19/03/2023

On the occasion of the holy month of Ramadan, the ASE has decided to change the official working and trading hours as follows: