MAS: Credit Suisse to continue operating without interruption in Singapore following UBS rescue

Besides banking activities, Credit Suisse also conducts financial services under other licensed entities in Singapore.SINGAPORE – The UBS takeover of Credit Suisse is not expected to have an impact on the stability of Singapore’s banking system, with the latter to continue operating in Singapore without interruptions and its customers having access to their accounts, the Monetary Authority of Singapore said on Monday.

The two Swiss banks – key pillars of Swiss finance – do not serve retail customers, and that they primarily run private banking and investment banking businesses in Singapore. The regulator said it has been in close contact with the Swiss Financial Market Supervisory Authority and was briefed by the regulator earlier on Monday on the details of the takeover.As the takeover is executed, MAS, Finma, Credit Suisse and UBS will “facilitate an orderly transition, including addressing any impact on employment”.

Source: Financial Digest (financialdigest.net)

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