12-6-2023 (SINGAPORE) The Monetary Authority of Singapore (MAS) assured on Monday that the day-to-day operations of UBS and Credit Suisse in Singapore will continue without interruption following the completion of the takeover between the two Swiss banks.
Earlier in the day, UBS announced the finalization of the takeover, marking the beginning of a significant new chapter for the financial institutions. MAS clarified that both UBS and Credit Suisse will maintain separate licenses and operate independently in Singapore.
To ensure a smooth integration of their Singapore operations, the banks have established governance structures and frameworks, allowing for careful monitoring and facilitation of the process. MAS emphasized that their main activities in Singapore will remain focused on private banking and investment banking.
The Swiss Financial Market Supervisory Authority (FINMA) CEO, Urban Angehrn, stated that the completion of the merger brings clarity and stability for the banks, their clients, and the Swiss banking sector. FINMA affirmed its commitment to closely supervise the merged entity throughout the integration process.
UBS Chairman, Colm Kelleher, expressed optimism about the consolidation, highlighting the strengthened position of the combined banking group. He emphasized the commitment to serving clients with excellence and the importance of aligning the interests of stakeholders, including investors.
MAS also underscored its close collaboration with UBS, Credit Suisse, and FINMA regarding the integration process. The central bank further emphasized its monitoring of the potential impact on employment and conveyed the expectation for the banks to handle any job-related implications responsibly. UBS CEO, Sergio Ermotti, cautioned that the merger would bring challenges in the coming months, particularly in terms of job reductions due to overlaps in certain areas of operation.
As the integration progresses, MAS remains committed to working closely with relevant stakeholders to address any employment-related concerns. The completion of the takeover signifies a significant development in the Swiss banking landscape, and its implications will continue to be closely observed by industry experts and regulators alike.
