Baosheng Bank Group said that the Swiss Financial Market Supervisory Authority has terminated the enforcement process against the bank and that the bank has submitted a share repurchase application. The bank said in a statement on Tuesday: “It is noted that the Swiss Financial Market Supervisory Authority announced today that the merger enforcement process has been completed. This procedure involves major credit incidents that occurred in the original private debt business, as well as historical anti-money laundering related matters of some customer groups.” CEO Stefan Bohringer said in a statement that the bank “reached an important milestone.” Baosheng Bank confirmed that it has submitted an application for a share repurchase plan to the Swiss Financial Market Supervisory Authority and is awaiting final approval. According to the announcement, banks need to maintain an additional 250 million Swiss francs of core Tier 1 capital, which corresponds to the actual minimum core Tier 1 capital adequacy requirement of 9.4%, which is lower than the previous additional capital requirement of 500 million Swiss francs.

Baosheng Bank Group said that the Swiss Financial Market Supervisory Authority has terminated the enforcement process against the bank and that the bank has submitted a share repurchase application. The bank said in a statement on Tuesday: “It is noted that the Swiss Financial Market Supervisory Authority announced today that the merger enforcement process has been completed. This procedure involves major credit incidents that occurred in the original private debt business, as well as historical anti-money laundering related matters of some customer groups.” CEO Stefan Bohringer said in a statement that the bank “reached an important milestone.” Baosheng Bank confirmed that it has submitted an application for a share repurchase plan to the Swiss Financial Market Supervisory Authority and is awaiting final approval. According to the announcement, banks need to maintain an additional 250 million Swiss francs of core Tier 1 capital, which corresponds to the actual minimum core Tier 1 capital adequacy requirement of 9.4%, which is lower than the previous additional capital requirement of 500 million Swiss francs.