MAS: UBS, Credit Suisse’s Singapore operations ‘will continue without interruption’

According to a statement from the Monetary Authority of Singapore (MAS), the daily operations of the Singapore entities of UBS and Credit Suisse will not be disrupted by the completion of the acquisition.

MAS has been in close contact with the Swiss Financial Market Supervisory Authority (FINMA) for the integration. FINMA said legal perfection brings clarity and stability to both banks and their customers.

FINMA said,

“One of the most pressing goals for the merged bank is to quickly de-risk the former Credit Suisse investment bank. FINMA welcomes this strategic focus.

Following completion of the transaction, the merged bank will have the necessary capital and liquidity resources to quickly and decisively complete these risk mitigation activities and successfully complete the integration.

Both entities will continue to operate in Singapore under separate licences. MAS said UBS and Credit Suisse have put in place a governance structure to oversee and facilitate the orderly integration of the Singapore operations.

Going forward, their primary activities in Singapore are Private Banking and Investment Banking.

The statement ended by saying,

“MAS is also closely monitoring the effects on jobs in the banks and expressed our expectation for the banks to be handled responsibly.

Banks are working on the details of manpower impact. MAS will work with relevant stakeholders to proactively address any impact on employment.