Swiss fintech Everon has launched a private banking app that provides users with access to professional investment opportunities that were traditionally reserved for institutional investors and high net worth private clients.

While the app is in the test phase, users can provide feedback which will then be used to improve the app.

Source : https://thepaypers.com/online-mobile-banking/everon-launches-private-banking-app–1252798

Special Purpose Acquisition Companies (SPACs) have been around for decades, but have only recently gained the attention of market participants.

Due to the growing demand, SIX Swiss Exchange developed a new listing standard for SPACs which can be listed and traded on the SIX Swiss Exchange as of December 6th 2021.

The already existing standards for listed companies remain, but are adapted to the specific characteristics of a SPAC while ensuring proper investor protection.

Source : https://hubbis.com/news/spacs-can-now-be-listed-and-traded-in-switzerland

In reaction to a trade deal with the Trump administration, China allows American banks to expand their operations with hopes of attracting foreign investors into China and helping Chinese people buy assets overseas.

With China having the world’s second largest economy, Wall Street banks are thrilled and rushing to seize this opportunity regardless of the complications. Although American banks are eager for this new authorization, they are aware that China can revoke their right to do business any time.

Despite a start of the year marked by the collapse of the Archegos hedge fund, UBS remains strong in its operations in a health crisis context. In the third quarter of the year, the number one Swiss bank reveals a surprising result, notably by cutting costs. The Zurich group announced on Tuesday that the third quarter net profit amounted to $2.28 billion, an 8.9% growth over the year.

Wealth management fees increased by the largest amount in years, resulting in an unexpected profit increase for Zurich-based bank on most important criteria. While customer activity was at “unusually high levels” in the third quarter, UBS warned that it would slowdown in the following one. The increasing demand for advice on mergers and acquisitions and IPOs fuelled earnings growth.

Markets revenue declined by 7%, reflecting the performance of the Wall Street firms who were unable to equalize their fixed income trading performance from the previous pandemic year.

The bank also signalled that persistent economic, social and geopolitical tensions are raising questions about sustainability of the recovery from Covid-19.

Sources: https://www.swissinfo.ch/eng/ubs-joins-wall-street-rivals-with-third-quarter-profit-surge/47058022

https://agefi.com/actualites/entreprises/ubs-enregistre-un-benefice-net-de-228-milliards-de-dollars-au-troisieme-trimestre