Cracking the Vault
Your mostly Swiss finance update
Cracking the Vault is a daily roundup focused on (mostly) Swiss finance.
Let’s crack on:
Minimum tax rate for large companies as of January 2024; Swiss Franc at 9-year high against Dollar; Julius Bär investigated by Finma; Swiss banker plead guilty to major tax offences; Mutares completing its 8th exit in 2023; Muuvr, backed by Leonteq founder, completes cap raise; EY sued by Wirecard investors.
Happy holidays! We will be back on December 27, 2023.
Headline recap
Minimum taxation for large companies as of January 1, 2024 (FDF)
Swiss franc at nine-year high as dollar weakens ahead of inflation data (Reuters)
FINMA investigates Swiss private bank Julius Bär for inadequate risk control structures after Signa collapse (Finews)
Swiss banker pleads guilty to tax offences in the US for helping wealthy US clients hide more than $60m from the US authorities in accounts at Zurich-based Ihag Privatbank (SWI)
Müller slowly turning Franz Carl Weber into drugstore (HZ)
Swiss diplomat Pierre Krähenbühl next Director General of the Red Cross (SWI)
Wirecard investor lawsuit against EY claiming over €700m in damages (Reuters)
Deutsche Bank discovered thousands of complaints from its subsidiary Postbank prompting new questions about its internal communication (FT)
Eurochem, a global fertilizer supplier headquartered in Switzerland, gets gets nod for fertilizer venture for its Brazil unit (Reuters)
Transaction update
Equistone’s Vulcain Ingénierie, an engineering group specialised in energy transition and life sciences, sold to Ardian, Tikehau Capital, and EMZ (BPI France)
Mutares sells Frigoscandia, provider of temperature-controlled logistic services, to Dachser (Real Deals)
Oakley Capital’s 7NXT, parent of Gymondo, expands into mindfulness with acquisition of 7Mind, a leading German digital healthcare player (Tech.eu)
Vendis Capital invested in BitterLiebe, a German direct-to-consumer premium health supplements brand (Real Deals)
Fundraising
Muuvr secures $4.2m in post-seed funding round (Bikebiz)
N-Dream, a Zurich-based startup pioneering an in-car game aggregation platform, secured an investment of €3m from KPIT (Startup Ticker)
Podcast picks
Macro Update: The Flip Side of Inflation (Dry Powder)