Credit Suisse will continue operating in Singapore without any interruptions or restrictions following its takeover by UBS, said the Monetary Authority of Singapore (MAS).
MAS added that customers will continue to have full access to their accounts and Credit Suisse’s contracts with counterparties remain in force.
“The takeover is not expected to have an impact on the stability of Singapore’s banking system”, according to the media release by MAS.
UBS had agreed on Sunday to acquire its rival Credit Suisse for about US$3.2 billion. The deal, brokered by the Swiss government, is expected to be finalised by the end of 2023.
Since then, MAS has been in close touch with the Swiss Financial Market Supervisory Authority (FINMA) and was briefed by the authority earlier today on the details of the takeover.
Credit Suisse and UBS’ primary activities in Singapore are private banking and investment banking. The two banks do not serve retail customers.
However, Credit Suisse also conducts financial services besides banking activities under other licensed entities in Singapore. These entities will continue operating under their respective licenses for the time being.
The regulator said,
“MAS will remain in close contact with FINMA, Credit Suisse and UBS as the takeover is executed, to facilitate an orderly transition, including addressing any impact on employment.
MAS will continue to closely monitor the domestic financial system and international developments, and stands ready to provide liquidity through its suite of facilities to ensure that Singapore’s financial system remains stable and financial markets continue to function in an orderly manner.”
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- Source: https://fintechnews.sg/70782/fintech/mas-credit-suisse-to-continue-singapore-operations-without-disruptions/
