UBS, Credit Suisse SG operations "uninterrupted" post-acquisition: MAS
Both banks will operate on separate licences in Singapore.
UBS and Credit Suisse operations in Singapore will continue uninterrupted after the completed acquisition, said the Monetary Authority of Singapore (MAS).
Both banks will maintain separate licences in Singapore. The entities have established governance structures to oversee and facilitate the smooth integration of their Singapore operations.
Their main focus in Singapore is on private banking and investment banking.
MAS added that it maintains close communication with the Swiss Financial Market Supervisory Authority (FINMA) and the banks regarding the integration process.
In a statement released on 12 June, FINMA expressed that the legal completion of the takeover provides clarity and stability for both banks and their clients.
MAS is overseeing the impact on employment within the banks and has expressed its expectation for responsible handling of this matter.
The banks are currently in the process of determining the specific implications for their workforce. MAS will collaborate with relevant stakeholders to address any employment-related consequences proactively.