Bloomberg reports that the unit will be based in Doha and focus on Middle East and North African investments, according to one of the people, who asked not to be named and declined to give more details on the venture, citing the sensitivity of the talks. The venture may be announced this year after 12 months of negotiations between Zurich-based Credit Suisse and Qatar, two people said. It will also solicit third-party funds, according to one of the people.
In notes to its third quarter earnings report, UBS said that the Monetary Authority of Singapore (MAS), as well as authorities in the United Kingdom, United States and Switzerland, are conducting investigations into whether it and other banks tried to manipulate rates.
image: © Lisamarie Babik