By Trend News Line 2024-05-28 10:21:55.
UBS Names Internal Candidate as CEO Successor
Swiss bank UBS has made the strategic decision to appoint an internal candidate as the successor to current CEO Sergio Ermotti, ruling out external options. The Financial Times reported that the bank will choose from three internal candidates, who will be identified as early as next year’s annual meeting.
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The potential successors, who are currently part of the executive board, will be given expanded roles to prepare them for the leadership position. Among the candidates are Iqbal Khan, head of wealth management, and Rob Karofsky, head of the investment bank. Beatriz Martin Jimenez, who oversees UBS’s non-core and legacy unit, and Sabine Keller-Busse, who manages the bank’s Swiss business unit, are also seen as strong contenders.
ABN Amro Acquires German Private Lender Hauck Aufhäuser Lampe
Dutch lender ABN Amro has reached an agreement to acquire German private lender Hauck Aufhäuser Lampe from Chinese conglomerate Fosun for €672mn. The Frankfurt-based private bank, which has been under Fosun’s ownership since 2016, manages €26bn in assets for entrepreneurs and wealthy families.
This acquisition will position ABN Amro as Germany’s third-largest wealth manager. In a statement, ABN Amro CEO Robert Swaak expressed his excitement about the opportunity to enhance the bank’s German activities. The deal, which is expected to close in the first quarter of 2025, will see HAL being acquired at its book value.
White House to Name New FDIC Chair
The White House is reportedly gearing up to announce a nominee to replace Martin Gruenberg as chair of the US Federal Deposit Insurance Corporation (FDIC) as early as next week. Gruenberg has agreed to step down once a successor is confirmed by US lawmakers, following an investigation that uncovered widespread sexual harassment and other issues at the FDIC.
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Potential nominees being considered include Kristin Johnson and Christy Goldsmith Romero, Democratic members of the Commodity Futures Trading Commission, as well as Treasury official Nellie Liang. Adrienne Harris, superintendent of New York’s Department of Financial Services, and Sandra Thompson, director of the Federal Housing Finance Agency, are also in the running.
Saudi Arabia Plans Sukuk Sale to Address Budget Shortfall
Saudi Arabia is making moves to raise funds through the sale of dollar-denominated sukuk to address a budget shortfall of approximately $21bn for this year. The kingdom aims to support Crown Prince Mohammed bin Salman’s economic diversification agenda through this fundraising initiative.
Bloomberg reports that Saudi Arabia has enlisted banks such as Citi, Goldman Sachs, and BNP Paribas as bookrunners and global coordinators for a three-part offering of three-, six-, and 10-year notes. This latest offering follows a $12bn sovereign debt sale by Saudi Arabia earlier in the year, with total funding activities for the year projected to reach around $37bn.
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– UBS CEO succession
– ABN Amro acquisition Hauck Aufhäuser Lampe.
