Silicon Valley Bank has fallen and Signature Bank went with it. Are we going to see more of this in the year?
According to our analysts, the latest US banking crisis has arrived, with two US banks and counting taken over by The Federal Deposit Insurance Corporation (FDIC) and another entering voluntary liquidation. However, the limited scope of the US bank runs at the time of writing suggests this will be less damaging than past crises. In addition, it will open up some assets that many international private wealth managers will definitely want to consider bidding for.
And then comes the unfortunate tale of Credit Suisse. UBS has completed its takeover and rescue of Credit Suisse with the support of The Swiss National Bank (SNB).
Furthermore, the move was backed by the Swiss federal government and regulatory body FINMA, The Swiss Financial Market Supervisory Authority.
An “exceptional situation” has led to UBS taking over Credit Suisse, securing financial stability and protecting the Swiss economy.
In addition, both banks will now have unrestricted access to the SNB’s existing facilities, through which they can obtain liquidity. Also, both Credit Suisse and UBS can obtain a liquidity assistance loan with privileged creditor status in bankruptcy for a total amount of up to CHF100bn ($108.3bn).
But in lighter news…
The Private Banking and Wealth Management Awards 2023 are now open
The Private Banking & Wealth Management London Conference & Awards 2023 provides an insightful conference covering all the leading developments in the industry and a fabulous drinks reception and black-tie award ceremony.
Nominations for the awards are now open and we encourage as many entries as possible. The standard only gets higher every year and we expect no less from 2023.
The categories for the Private Banking & Wealth Management London Awards 2023 have been released. The 2023 awards will aim to recognise and celebrate the efforts and achievements of leading private banks. The winners will be announced at a glamorous awards ceremony, which will conclude the conference.
Nominations are now open – deadline for entries is 5pm GMT on 12th April 2023.
Please download the entry form here and send completed forms to this address.
Patrick Brusnahan, editor