MAS: UBS, Credit Suisse’s Singapore Operations to ‘Continue Without Interruption’by Fintech News Singapore June 13, 2023
The day-to-day operations of the Singapore entities of UBS and Credit Suisse will not be interrupted by the completion of the takeover, according to a statement from the Monetary Authority of Singapore (MAS).
MAS has been in close contact with the Swiss Financial Market Supervisory Authority (FINMA) for the integration. FINMA stated that the legal completion brings clarity and stability for the two banks and their clients.
“One of the most pressing goals for the merged bank is to quickly reduce the risks of the former Credit Suisse investment bank. FINMA welcomes this strategic focus.
Following the completion of the transaction, the merged bank has the necessary capital and liquidity resources to carry out these risk reduction activities quickly and decisively and to successfully complete the integration.”
Both entities will continue to operate in Singapore under separate licenses. MAS said that UBS and Credit Suisse have put in place governance structures to monitor and facilitate the orderly integration of the Singapore operations.
Moving forward, their primary activities in Singapore remain private banking and investment banking.
The statement concluded saying,
“MAS is also closely monitoring the implications for jobs in the banks and has conveyed our expectation for the banks to handle this responsibly.
The banks are working out the details of the manpower implications. MAS will work with relevant stakeholders to proactively address any impact on employment.”