SINGAPORE — Credit Suisse Group will continue operating in Singapore 'with no interruptions or restrictions', following an announced takeover by UBS Group, said the Monetary Authority
Credit Suisse's customers here will continue to have full access to their accounts and contracts with counterparties remain in force.
Under the deal announced on Sunday, UBS will pay 3 billion Swiss francs for 167-year-old Credit Suisse and assume up to US$5.4 billion in losses.Credit Suisse and UBS' primary activities in Singapore are private banking and investment banking. The two banks do not serve retail customers. These included SNB providing additional liquidity assistance to ensure that Credit Suisse and UBS can continue to meet all obligations throughout the transaction period.
MAS said that it 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.
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