Europe
Banking and finance news from the United Kingdom, European Union, and broader Europe
Switzerland's 90% rule: the UBS vote puts parent-entity capital at the centre of G-SIB resilience
Switzerland's upper house voted 29–16 for 90% CET1 backing of UBS's foreign subsidiaries, about USD 16bn more capital by UBS's estimate, while US proposals would cut G-SIB CET1 requirements. What parent-entity capital means for cross-border banks.
Deutsche Bank completes €1.25 billion AT1 issuance with 7% coupon
Deutsche Bank completed a €1.25 billion Additional Tier 1 capital issuance carrying a fixed 7% coupon until April 2034, strengthening its leverage, Tier 1 and total capital ratios.
BNP Paribas Asset Management reorganises €1.7 trillion platform after AXA deal
BNP Paribas Asset Management implemented a new operating structure for its €1.7 trillion platform after integrating AXA Investment Managers, establishing an executive board and reorganising investment, client and support functions.
European central banks propose flexible MiCA liquidity rules for stablecoins
The European System of Central Banks proposed replacing MiCA's 30% to 60% bank-deposit requirements for stablecoin reserves with minimum holdings of highly liquid assets maturing within five working days.
Swiss Senate backs 90% CET1 requirement for UBS foreign subsidiaries
Switzerland's Council of States backed a 90% CET1 requirement for UBS's foreign subsidiaries by 29 votes to 16, rejecting a softer structure as the bill moved to the lower house.
Goldman Sachs appoints Simon Lyons as UK investment banking co-head
Goldman Sachs appointed veteran dealmaker Simon Lyons as co-head of UK investment banking, placing him alongside Nimesh Khiroya as the bank leads UK M&A league tables this year.
Raiffeisen wins €3.15 billion default judgment against Russia-linked Rasperia in Vienna
A Vienna court awarded Raiffeisen Bank International and its Russian subsidiary about €3.15 billion against Rasperia, which has four weeks to challenge the default judgment.
UBS chief rejects 90% Swiss capital proposal before parliamentary vote
UBS chief Sergio Ermotti rejected a 90% CET1 backing proposal as no meaningful compromise, favouring a 50% CET1 and 50% AT1 alternative before Switzerland’s upper-house vote.
Legend Holdings launches €2.5 billion sale process for Luxembourg’s BIL stake
Legend Holdings launched a sale of its 90% stake in Banque Internationale à Luxembourg, with initial bids due by month-end and the bank valued at about €2.5 billion or more.
ECB launches Pontes platform for wholesale blockchain settlement in central-bank money
The ECB launched Pontes with 13 initial market participants, connecting eligible distributed-ledger platforms to TARGET Services so wholesale transactions could settle in central-bank money from 21 September.
ECB finds eurozone gas inflation pass-through has accelerated since 2022
The ECB found wholesale gas-price changes were expected to pass into inflation within one to three months across over half the euro area by inflation weight.
Société Générale raises profitability targets and sets out further cost reductions
Société Générale announced targets for a 13–14% return on tangible capital by 2029, combining further cost reductions with revenue growth and potential shareholder distributions exceeding €21 billion over four years.