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Credit Suisse Group News

22 Mar 2023

UBS Likely to Shrink Credit Suisse's $10 Billion Shipping Portfolio

© nmann77 / Adobe Stock

UBS Group AG will likely shrink Credit Suisse Group's $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday, the Wall Street Journal reported on Wednesday.UBS could also try to sell the portfolio, but doing so could prompt owners to move their accounts elsewhere, the WSJ reported, citing people familiar with the matter.About half of the shipping portfolio involves Greek ship owners that use their deposits in the bank's wealth management arm as collateral to finance new ships, the report added."Our wealth management business in Greece is an integral part o

25 Mar 2015

Singapore Shipping Line NOL a Takeover Target?

Singapore's Neptune Orient Lines (NOL) may be shaping up as a takeover candidate, a report in Bloomberg said. The appeal of the shipping company that helped cement Singapore's status as a global trade hub has increased after it agreed to sell its logistics unit last month for US$1.2 billion to cut debt. Possibility of a sale may help Temasek Holdings Pte, the Singapore state's Sovereign Wealth Fund (SWF) that controls Neptune Orient, bolster returns. The $1.8 billion container line’s natural partner would be Orient Overseas International Ltd., controlled by the family of Hong Kong’s first post-colonial leader, according to Credit Suisse Group AG. Analysts project the company, which moves goods globally, will benefit from the U.S.

18 Feb 2011

Vinashin Misses Payment, Plans Review

According to a Bloomberg report, Vietnam Shipbuilding Industry Group (Vinashin), plans to present a KPMG LLP report on its business to creditors by mid-year after it missed a payment on a bank loan. Vinashin reportedly received a $600m loan in 2007 from banks led by Credit Suisse Group AG that paid higher interest than the London interbank offered rate, according to Bloomberg. While it made a $6.8 million interest payment on Dec. 23, the company reportedly missed a Dec. 20 deadline to make a $60m payment. (Bloomberg)

01 Oct 2007

Credit Suisse to Grow Vietnamese Shipbuilding Funds

Financial services company Credit Suisse Group said it has signed a memorandum of understanding to develop additional financing of up to $1b and provide services for Vietnam's shipbuilding industry. Credit Suisse has arranged $600m in loans for the country's state-owned shipbuilding group, Vinashin, so far this year through an existing financing agreement. Credit Suisse shares rose 49 cents to $66.46 in afternoon trading. [Source: Associated Press]