A group of seven major central banks reached a milestone on Friday in identifying attributes critical to a central bank digital currency and creating somewhat of a consensus about what the experimental currency would require, but they lag behind others like China that are already barreling ahead with pilot issuances.
Credit Suisse CEO Thomas Gottstein said Tuesday that he expects the firm’s wealth management business to slow down in the third quarter and bank consolidation to continue in Europe as the economy seeks to recover from COVID-19.
Credit Suisse has plans to double its number of Chinese employees in the next five years, as it continues to target the ultra wealthy in the region, a spokesperson for the Swiss bank said on Monday.
Insurtech Waterdrop has reportedly raised $230 million in a new funding round co-led by Swiss Re, marking the reinsurer’s first investment in a Chinese insurance startup.
Chinese insurers are expected to show resilience despite COVID-19 while companies in other emerging markets will not fare as well, Swiss Re said in a report released on Tuesday, which cites anticipated average premium-growth trajectories.
Credit Suisse is preparing to lay off half of its mainland China investment banking team, according to Chinese business publication Caixin, after saying earlier this week it is looking to fully acquire its Chinese securities joint venture and expand its presence in the market.
Credit Suisse said it’s eyeing full ownership of its Chinese securities joint venture just one month after claiming a majority stake in the entity, as the lender looks to expand its presence in China.
The Chinese government’s increased investments in the country’s poor and agricultural regions will accelerate rural residents’ annual spending on insurance premiums to 1 trillion yuan ($141 billion), global insurer Swiss Re said on Thursday.
Swiss Re said on Wednesday that it expects premiums related to future infrastructure projects in emerging markets to be worth more than $50 billion over the next decade, a figure that it attributes to items such as property, engineering and energy.
Switzerland-based UBS Asset Management has established another in a line of onshore fixed-income funds in the world’s second-biggest bond market.
Credit Suisse has been granted approval to take a majority stake in its Chinese securities joint venture, the bank said Friday, as banks rush to gain more access to China’s lucrative market while Beijing regulators ease restrictions on foreign firms.