The Monetary Authority of Singapore (MAS) has published a press statement in which the regulator assures that the day-to-day operations of UBS Group AG (UBS) and Credit Suisse Group AG (CS) in Singapore will not be disrupted by the legal completion of the takeover. UBS and CS will continue to operate separately in Singapore under their respective licenses, focusing on private banking and investment banking. MAS is in close communication with the Swiss Financial Market Supervisory Authority (FINMA), CS, and UBS to ensure a smooth integration. MAS is also monitoring the impact on jobs and expects the banks to handle this responsibly, with further collaboration to address any employment-related issues.
Other Features
banks
cooperation
financial stability
merger
resilience
Date Published: 2023-06-12
Regulatory Framework: not applicable
Regulatory Type: information
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