Read news from:
Austria
SHARE
COPY LINK

BANK

Swiss UBP to buy ABN AMRO Switzerland for undisclosed amount

Swiss private bank Union Bancaire Privee said on Tuesday it will purchase ABN AMRO Bank Switzerland for an undisclosed amount, increasing its assets under management by around 20 percent.

Published: 16 August 2011 16:06 CEST

ABN AMRO Bank Switzerland is a Swiss private bank with assets of €11 billion and 350 staff in Zurich, Geneva, Lugano and Basel, UBP said in a press release.  

ABN AMRO explained in a statement that it had decided to “focus its private banking activities on strengthening its top 3 position in the eurozone and to accelerate its growth in Asian markets.”  

“As a consequence ABN AMRO has decided to divest its private banking activities in Switzerland,” it said.  

The sale is subject to Swiss regulatory approval, and is expected to close in the fourth quarter of 2011, UBP added.

BANK

Deutsche Bank to pay $130m to settle US bribery probes

Deutsche Bank will pay $130 million to settle a foreign bribery probe and fraud charges in precious metals trading, US officials announced on Friday.

Published: 9 January 2021 15:08 CET
Deutsche Bank to pay $130m to settle US bribery probes
A woman walks past the offices of Deutsche Bank in London. Photo: Tolga Akmen / AFP
The bribery case relates to illegal payments and to false reporting of those sums on the bank's books and records between 2009 and 2016, the Department of Justice said in a press release.
   
The bank “knowingly and wilfully” kept false records after employees conspired with a Saudi consultant to facilitate bribe payments of over $1 million to a decision maker, the DOJ said.
   
In another case, the bank paid more than $3 million “without invoices” to an Abu Dhabi consultant “who lacked qualifications… other than his family relationship with the client decision maker,” the DOJ said.
   
In addition to criminal fines and payments of ill-gotten gains, Deutsche Bank agreed to cooperate with government investigators under a three-year deferred prosecution agreement.
 
   
In the commodities fraud case, Deutsche Bank metals traders in New York, Singapore and London between 2008 and 2013 placed fake trade orders to profit by deceiving other market participants, the DOJ said.
   
The agreement took into account Deutsche Bank's cooperation with the probes, DOJ said.
   
“Deutsche Bank engaged in a criminal scheme to conceal payments to so-called consultants worldwide who served as conduits for bribes to foreign officials and others so that they could unfairly obtain and retain lucrative business projects,” said Acting US Attorney Seth D. DuCharme of the Eastern District of New York.
   
“This office will continue to hold responsible financial institutions that operate in the United States and engage in practices to facilitate criminal activity in order to increase their bottom line.”
   
“We take responsibility for these past actions, which took place between 2008 and 2017,” said Deutsche Bank spokesperson Dan Hunter, adding that the company has taken “significant remedial actions” including hiring staff and upgrading technology to address the shortcomings.
SHOW COMMENTS