Investment banks

Swiss banking giant UBS reported better-than-expected earnings on Wednesday as the integration of Credit Suisse led to lower costs.

The group reported a net profit of more than $1.1 billion for the quarter from April to June, well above the median analyst forecast of $608 million.

The Piraeus Bank is issuing a green senior preferential bond, Bloomberg reports.

The issue is estimated to be worth €500 million.

The issue has been assigned to BNP Paribas in partnership with BofA Securities, Commerzbank HSBC and IMI- Intesa San Paolo who will jointly run the offering book.

A Cypriot brokerage firm caught up in an investigation by French prosecutors probing financial transfers possibly tied to Yevgeny Prigozhin on Wednesday denied it had ever had direct relations with the late Wagner mercenary chief.

Deutsche Bank yesterday announced its third-quarter net profit fell 8 percent year on year to 1.03 billion euros ($1.09 billion), blaming higher tax rates.

But operating profits before taxes at Germany's largest bank were up 7 percent to compared to the third quarter of 2022 to 1.72 billion euros, making it "the highest for any third quarter since 2006," it said.

The shareholders of Thrivest, which will participate with 30 million euros in the Attica Bank capital increase by acquiring, in this phase, 4.93% of its share capital, aim to create a single bank.

In the 2015 movie "The Big Short," a disenchanted Wall Street banker portrayed by Steve Carell discovers that the until then roaring US housing market rests on flimsy foundations, years of precarious loan-giving, creating a bubble. Our banker, utterly disappointed by the inner rot of the "system," duly proceeds to bet against it and, in doing so, wins a fortune.

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.

The Hungarian banking group OTP has received clearance from the Slovenian market regulator to take over NKBM, Slovenia's second largest bank, and create what it says will be the largest bank in the country.

Greek companies engaged in international activities will benefit from a new 200-million-euro trade finance partnership between the European Investment Bank (EIB) and HSBC Bank Plc, it was announced in Athens on Thursday, in the presence of Deputy Minister of Development and Investment Yiannis Tsakiris.

Credit Suisse could slash more than 10 percent of its investment banking staff in Europe, the Financial Times newspaper reported, with the beleaguered Swiss lender declining to comment yesterday.

Switzerland's second-biggest bank "already let hundreds of staff go in London and Zurich last month," the British financial daily reported on Jan. 14.