The Monetary Authority of Singapore (MAS) said day-to-day operations of the Singapore entities of UBS Group AG (UBS) and Credit Suisse Group AG (CS) will not be interrupted by the legal completion of the takeover.
UBS and CS will continue to operate in Singapore under separate licences. UBS and CS have put in place governance structures to monitor and facilitate the orderly integration of the Singapore operations. Their primary activities in Singapore remain private banking and investment banking.
MAS remains in close contact with the Swiss Financial Market Supervisory Authority (FINMA), CS and UBS on the integration. In a statement issued on 12 June 2023, FINMA stated that the legal completion brings clarity and stability for the two banks and their clients.
MAS is also closely monitoring the implications for jobs in the banks and has conveyed its expectation for the banks to handle this responsibly. The banks are working out the details of the manpower implications. MAS will work with relevant stakeholders to proactively address any impact on employment.
Re-disseminated by The Asian Banker