Today\u2019s need-to-know storiesUBS \u2018withholding documents\u2019 from Credit Suisse Nazi-era probe<\/p>\n
UBS is withholding more than 22,000 pages of documents from an independent investigation<\/a> into Credit Suisse\u2019s handling of Nazi-era accounts, according to the lawyer overseeing the probe.<\/p>\n As reported by Bloomberg, Neil Barofsky, the ombudsman leading the review, told the US Senate Judiciary Committee that UBS was citing legal privilege and was also reviewing a further 388,000 pages for possible redaction. The bank inherited the case when it acquired Credit Suisse in 2023.<\/p>\n Barofsky said UBS\u2019s position conflicted with its commitment to give him \u201cunfettered access to all materials, subject only to restrictions required by law\u201d. Senator Chuck Grassley, who chairs the committee, has said the bank\u2019s conduct calls \u201cinto question UBS\u2019s candour to the committee and its commitment to a thorough investigation\u201d.<\/p>\n UBS has previously said it has shown an \u201cunwavering commitment to this historical review\u201d and has given Barofsky access to about 16.5mn documents.<\/p>\n FSB warns on private credit links<\/p>\n The Financial Stability Board has warned that private credit\u2019s closer ties with banks, asset managers, insurers and private equity firms could pose risks to the global financial system.<\/p>\n \u201cWhile immediate risks may appear manageable, considering the massive scale and scope of private credit, bank funding entangled across its various stages, and opaque borrower assessments and disclosure systems, potential vulnerabilities could erupt during an economic downturn,\u201d the FSB said in its \u2018Vulnerabilities in Private Credit\u2019 report<\/a>.<\/p>\n The FSB estimates the size of the global private credit market at around $2tn using 2024 data.\u00a0<\/p>\n \u201cWhile direct bank loans to private credit funds appear low at 0.5 per cent of total assets, the scale swells significantly when including derivatives collateralised by these loans and loans to insurers invested in private credit. The bigger issue is the difficulty in accurately gauging this exposure,\u201d the FSB said.\u00a0<\/p>\n The report came a day after HSBC disclosed<\/a> a $400mn charge linked to its lending to a private credit fund. An FT report citing people familiar with the matter identified the fund as Atlas SP, Apollo\u2019s asset-backed lending unit.<\/p>\n Access Holdings obliged to reconsider foreign stakes<\/p>\n Access Holdings plans to reduce its stakes in some foreign subsidiaries after Nigeria\u2019s central bank imposed new limits on overseas investments by local lenders.<\/p>\n The Central Bank of Nigeria has ordered banks to cap equity investments in foreign units at 10 per cent of total shareholders\u2019 funds, Roosevelt Ogbonna, chief executive of Access Holdings\u2019 banking arm, told investors on a call in Lagos.<\/p>\n Access, which currently has a foreign equity exposure of 19.4 per cent, has 12 months to comply.<\/p>\n The Lagos-headquartered financial services company operates in at least 24 African countries and has been one of Nigeria\u2019s most acquisitive banks in recent years, purchasing operations from financial groups including Standard Chartered and KCB Group.\u00a0<\/p>\n \u201cWe are looking at divestments\u201d to bring down the stake, Ogbonna said. \u201cWe will still be the controller of those banking entities, and the value creation will continue to be strong.\u201d<\/p>\n Communications gap persists for UK banks\u2019 deaf customers<\/p>\n Banks and building societies are increasing collaboration on deaf inclusion in the UK, with participation in industry initiatives up fivefold since 2022, although significant communication barriers persist, according to a new report<\/a>.<\/p>\n Miscommunication accounts for 90 per cent of debt cases involving British Sign Language users, a report funded by building society Nationwide and authored by a consortium of charities and disability inclusion groups found.<\/p>\n While use of interpretation services for deaf banking customers has risen by 30 per cent, awareness remains limited, with up to 70 per cent of users unaware of the support available.<\/p>\n