Singapore fines Credit Suisse almost 2.7 million euros

Singapore’s financial regulator this Thursday imposed a fine of S$3.9 million (€2.67 million) on Credit Suisse for failing to “prevent or detect” unfair practices by city managers.

The Monetary Authority of Singapore (MAS) accused managers at the Swiss bank’s branch in the country of providing customers with “inaccurate or incomplete information” resulting in “spreads” being “higher than bilaterally agreed rates” in 39 over-the-counter transactions. bonds, the report said.

Singapore’s central bank added that directors of Credit Suisse’s local branch made “false statements to customers regarding interchange fees and margins charged and withheld information.”

MAS’ investigation found that the Swiss bank “failed to implement adequate controls”, it said in a statement, adding that Credit Suisse admitted liability, paid a fine and “separately paid compensation to affected clients”.

This is not the first sanction against the Swiss bank by the Asian city-state, a regional financial center.

In September, a Singapore court ordered Credit Suisse to pay US$743 million (€668.6 million) in compensation to former Georgian Prime Minister Bidzina Ivanishvili for “fraudulent management resulting in investment losses.”

The two largest Swiss banks, UBS and Credit Suisse, officially began the merger process on December 7, approved by their respective boards of directors, after UBS acquired Credit Suisse on March 19 and the acquisition was completed on June 12.

UBS agreed to buy its financially troubled rival for 3.1 billion euros in mid-March, while it was worth more than seven billion euros on the Swiss stock exchange.

Credit Suisse was the main victim of the banking crisis that originated in the United States in early 2023 as a result of the collapse of regional financial institutions such as Silicon Valley Bank.