The Monetary Authority of Singapore said that Credit Suisse’s operations in the city-state will remain uninterrupted following the UBS acquisition.
Following a $3.3 billion acquisition by UBS, Credit Suisse (CS) will continue operating in Singapore with «no interruptions or restrictions», according to a statement by the MAS.
«Customers of CS will continue to have full access to their accounts and CS’ contracts with counterparties remain in force,» the regulator said. «The takeover is not expected to have an impact on the stability of Singapore’s banking system.»
Orderly Transition
According to the MAS, it is in touch with the Swiss Financial Market Supervisory Authority (Finma) and was briefed earlier on Sunday on the details of the takeover. It will remain in close contact with Finma, alongside CS and UBS, 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,» the regulator said.
