Weekly Global News Wrap: Rothschild & Co takes one step closer to going private; Ant Group may be fined $1b

And UBS makes changes in global wealth management business.

From Reuters:
Rothschild family’s holding company Concordia has acquired all shares of its investment bank Rothschild & Co.

Concordia said it bought 8.18 million shares of Rothschild at 46.60 euros per share.

This paves the way for Concordia to open an offer and take the investment bank private.
Concordia said it bought 8.18 million shares of Rothschild at 46.60 euros per share.

The opening of an offer to delist the bank will take place following a clearance decision from the French market regulator AMF.

ALSO READ: Weekly Global News Wrap: UBS to retain only few Credit Suisse senior bankers; open banking to increase liquidity risk

From Reuters:
China’s Ant Group will likely be fined at least 8 billion yuan (approximately $1.1b), according to sources with direct knowledge of the matter, bringing an end to the fintech giant’s years-long regulator overhaul.

The People's Bank of China (PBOC), which has been driving the revamp at Ant after its $37 billion IPO was scuttled in late 2020, is expected to disclose the fine in the coming days, the sources said.

ALSO READ: 8 in 10 Chinese consumers use mobile wallets

From Reuters:
UBS has enacted a slew of management changes to its global wealth management business following its takeover of Credit Suisse.

Several former CS managers have gotten jobs in the changes, which affected roughly 180 executives. Changes will take place on 17 July.

Former Credit Suisse executive Michael Marr will become the head of Global Wealth Management Australia at UBS, according to a person familiar with the matter.

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