The day-to-day operations of UBS and Credit Suisse’s entities in Singapore will not be interrupted by the legal takeover, says the Monetary Authority of Singapore (MAS).
The statement on June 12 comes after UBS announced the completion of the takeover.
Both banks will continue to operate in the country under separate licenses.
Furthermore, both UBS and CS have put in place governance structures to monitor and facilitate the orderly integration of their operations in Singapore. Their primary activities in Singapore remain private banking and investment banking, says the central bank.
“MAS remains in close contact with the Swiss Financial Market Supervisory Authority (FINMA), Credit Suisse and UBS on the integration,” reads the statement by MAS.
The central bank adds that it is also “closely monitoring” the implications for jobs within both banks and that it has conveyed its expectations for both banks to handle this “responsibly”.
See also: MAS fines Credit Suisse $3.9 mil for misconduct by its relationship managers
“The banks are working out the details of the manpower implications. MAS will work with relevant stakeholders to proactively address any impact on employment,” says MAS.
