Overview
- The internal investigation is nearing completion to determine who authorised disputed AT1 sales, with disciplinary action anticipated once accountability is set.
- Dubai Financial Services Authority barred the lender’s DIFC branch from onboarding new clients after finding weaknesses in documentation and client classification.
- Clients in the UAE and elsewhere allege they were sold high-risk bonds despite ineligibility, including claims of KYC profiles being altered to label them as professional clients.
- Parallel scrutiny in India includes reviews by the Enforcement Directorate and the Economic Offences Wing, according to regional reporting.
- Credit Suisse AT1 bonds were written down to zero in 2023 during the UBS rescue, triggering large investor losses that underpin the current disputes.