Banking industry in turmoil
Citywire Middle East
Providing fund selectors and asset managers up-to-date analysis of the news that matters
Good morning.?Here's your weekly dose of what happened previous week in the regional asset and wealth management space.
The atmosphere in the global banking industry changed when Swiss banking giant Credit Suisse started struggling to keep its head above the waters. Every conversation began and ended with the same question: What is happening to Credit Suisse?
Soon after, emergency talks were held to salvage the situation and Credit Suisse's fellow banking giant UBS agreed to buy it for $3.2bn. This has put the entire global banking industry under heavy scrutiny since the Silicon Valley Bank collapse in the US.
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In other news:
Citywire Middle East Retreat 2023 ended last week in Abu Dhabi, with 11 leading asset managers participating for closed-door workshops with key asset allocators, as well as guest speakers.
The keynote speaker was?Dareen Barbar, a Lebanese athlete who holds?the Guinness World Record for the longest Samson’s chair sit, also known as a static wall sit, by a female contender.