Credit Suisse chair to get warning on quarantine breaks

Bloomberg

Credit Suisse Group AG Chairman Antonio Horta-Osorio is likely to receive a warning, rather than a dismissal, from the bank’s board of directors after a probe into his repeated violations of quarantine rules last year, Tages Anzeiger
reported.
The bank’s board of directors is expected to publicly issue a reproach of Horta-Osorio’s conduct in the coming weeks, the Swiss daily said, citing unidentified people with knowledge of the matter. The Portuguese banker was found to have breached Swiss and UK quarantine rules during the course of last year.
A spokeswoman for Credit Suisse declined to comment on the matter.
Horta-Osorio was forced to apologise for “unintentionally” breaking Swiss quarantine rules in November by flying to the Iberian peninsula aboard a private jet. Weeks later, a report by Reuters revealed that the chairman had also breached rules while attending the Wimbledon tennis finals in London in early July, a period when arrivals from Europe were obliged to undergo a period of quarantine.
Horta-Osorio, who was appointed as chairman in April, has been trying to steer Zurich-based Credit Suisse past a disastrous year when the collapse of Archegos Capital Management and the freezing of funds tied to Greensill Capital caused billions of dollars in losses and led to the departure of numerous senior managers. The chairman has repeatedly cited the need to revamp the bank’s culture with a focus on the
individual responsibility.

XP buys Credit Suisse-backed Bank Modal
XP Inc, Brazil’s largest brokerage, is buying lender Banco Modal SA, as the country’s surging interest rates and plummeting stock market push upstart financial firms to consolidate.
XP signed an agreement to acquire as much as 100% of Modal in a transaction that will be paid with up to 19.5 million newly issued XP Class A shares, the firms said in a filing Friday. The deal values the bank at about $528 million, a premium of about 53% based on stock’s Thursday closing price.
Banco Modal climbed as much as 48% in Sao Paulo on the announcement.
Credit Suisse Group AG owns 15.8% of Banco Modal, according to filings. If Modal’s minority holders don’t green-light the deal, XP will seek to buy 55.7% of Modal from its controlling holders, the filing says.
XP, founded in 2001 by Guilherme Benchimol, started off by selling investment products to Brazil’s mom-and-pops that were once only available to the rich. It spurred several copycats, including modalmais, a similar investment platform owned by Banco Modal and its main business.
Both firms have branched out to credit cards, consumer lending and even investment banking in a push to diversify revenues. XP brought in former JPMorgan Chase & Co.’s top boss in Brazil, Jose Berenguer, to oversee its banking unit in 2020.