Swiss banking giant UBS has bought beleaguered lender Credit Suisse in a rescue deal brokered over the weekend. In a statement, the Swiss National Bank
Last week, California-headquartered bank SVB (Silicon Valley Bank) announced a US$1.8bn loss due to asset sales in order to meet withdrawal requests. Trading of SVB stock was halted on the morning of Friday 10th March when stocks plummeted by 68%. By Monday, its US business had completely collapsed, in the largest banking failure since the financial crisis of 2008.
The Bank for International Settlements (BIS) and three central banks have announced the conclusion of a joint project looking into the potential pros and cons of using retail CBDCs (central bank digital currencies) for cross-border payments.
The American Banking Association (ABA) has withdrawn its support for a key proposal from the US Treasury, designed to help prevent the use of shell companies for fraud.