Swiss banking giant UBS said Tuesday it took in $28 billion of net new money for its wealth management business in the first quarter, with $7 billion of that coming in the days after the announcement of its government-backed takeover of ailing rival Credit Suisse. The Zurich-based bank, which is set to become Switzerland's banking titan after the merger closes in coming months, said underlying pre-tax profit dropped 22 percent to $2.35 billion in the quarter compared to a year ago, while underlying revenues fell 8 percent. UBS said it had bought back $1.3 billion worth of its shares during the quarter, and reiterated that the share-buyback program has been temporarily suspended ahead of the closing of the 3 billion Swiss franc ($3.4 billion) takeover of Credit Suisse announced on March 19. Also Read: Credit Suisse, UBS shares plunge after takeover announcement “In the first quarter, we maintained positive momentum across the firm and attracted $28 billion of net new money in GWM (Global Wealth Management), of which $7 billion came in the last 10 days of March, after the announcement of our acquisition of Credit Suisse,” UBS said in a statement. The bank said it “captured demand” for higher yield into money market and U.S.-government securities at a time of rising interest rates that can increase the return on lower-risk assets like U.S. government bonds. “We delivered these results during a quarter characterized by persistent concerns about interest rates and economic growth exacerbated by questions about the stability of the banking system, especially in the U.S.,” UBS said. “Against this backdrop, private and institutional investors’ activity remained muted.” Also Read: UBS to buy Credit Suisse for nearly $3.25B to calm turmoil The net inflows at UBS came in marked contrast to the 61 billion Swiss francs (nearly $69 billion) in outflows that Credit Suisse reported Monday for the first three months of the year, adding that clients are still withdrawing assets. The forced marriage of Switzerland's two biggest banks — arranged by the Swiss executive branch, central bank and financial markets regulator — was designed in part to help stabilize the global financial system that had been roiled by the collapse of two U.S. banks. The reputation of 167-year-old Credit Suisse had been pummeled in recent years over stock price declines, a string of scandals and the flight of customers worried about the bank’s future.

Bangladesh Financial Intelligence Unit (BFIU) repeatedly sought information from different countries including Switzerland about money laundered by Bangladeshis, said Bangladesh Bank (BB). In response to a query on Saturday regarding the recent statement of the Swiss Ambassador, Md Serajul Islam, executive director and spokesperson of BB, said, “I have nothing to say anything about the statement of the Swiss Ambassador. But the BFIU repeatedly sought information from different countries on various issues, including illegal money transactions from Bangladesh.” All kinds of initiatives were taken to collect information about money laundering from the country, he said adding that the BFIU, the country's financial intelligence agency, has also sent several letters to the Swiss banks. Sirajul Islam said, “Whenever we need to collect information, the BFIU collects information from everywhere as the BFIU is a member of the Egmont Group of Financial Intelligence Units (FIUs), an international network of FIUs.” Foreign Minister AK Abdul Momen on Thursday said Bangladesh sought information on the deposits of Bangladeshi money in the Swiss banks but the Swiss side did not respond to the query. Read: Dhaka approached Swiss banks about deposit of Bangladeshi money: Momen Momen said this after his conversation on the issue with Bangladesh Bank Governor Abdur Rouf Talukder and Finance Secretary Fatima Yasmin on Thursday. The foreign minister said he advised the governor and the finance ministry to come up with the statements as confusion arose following some media reports quoting Ambassador of Switzerland to Bangladesh Nathalie Chuard. Momen said it is not true that Bangladesh did not seek information from Switzerland.     The Swiss envoy at the DCAB Talk on Wednesday said any estimate on deposits of Bangladeshi money in the Swiss banks is “purely speculative” and no conclusion can be drawn on the basis of media and other reports.  Responding to a question on information exchange on the issue, she said Switzerland is really committed to implementing international standards. In accordance with these international standards they can have some specific regulations and agreements also with the country to exchange this type of information, she said. “So that is something should be developed,” said the ambassador, adding that they have been providing to the government all the information regarding how to reach an agreement on these matters but no request has been submitted regarding any particular funding.

Credit Suisse CEO Tidjane Thiam says he is resigning after nearly five years on the job, acknowledging that a spying scandal caused "anxiety and hurt" and tarnished the reputation of the top-drawer Swiss bank.