The plan will include more stringent requirements including liquidity standards for the bank, due to the increased size of the institution.The logo of Credit Suisse in front of the Swiss parliament in Bern, Switzerland, March 19 2023. Picture: DENIS BALIBOUSE/REUTERS
UBS has committed to give the US central bank an implementation plan for combining its US business and operations with those of Credit Suisse within three months of consummating the deal, the Fed’s board said in a statement on Friday. The plan will include more stringent requirements including liquidity standards for the bank, due to the increased size of the institution.
After years of scandal and losses, 167-year-old Credit Suisse came to the brink of collapse before Zurich-based rival UBS rode to the rescue with a merger engineered and bankrolled by the Swiss authorities last month. UBS agreed to buy Credit Suisse for Sf3bn , a fraction of its earlier market value.
UBS secured a temporary approval from EU antitrust regulators earlier this month but still needs to seek clearance under EU merger rules. The Bank of England has approved the takeover in the UK, people familiar with the process said.