HONG KONG, March 20 — Hong Kong’s Monetary Authority and the city’s Securities and Futures Commission said on Monday that Credit Suisse’s operations in the financial hub would be open for business as normal with customers able to access their deposits.
The announcement came after the Swiss National Bank announced on Sunday that UBS AG would buy rival Credit Suisse. “The total assets of Credit Suisse AG, Hong Kong branch amounted to about HK$100 billion , representing less than 0.5 per cent of the total assets of the Hong Kong banking sector,” said the Monetary Authority, adding that the exposure to the local banking sector was “insignificant”.
The Monetary Authority and SFC said they would stay in close touch with Swiss authorities and monitor the financial markets very closely. — Reuters