UBS - Fed approves UBS' acquisition of Credit Suisse's U.S. business
2023-04-14 16:36:42 ET
- The Federal Reserve on Friday approved UBS' ( NYSE: UBS ) acquisition of Credit Suisse's U.S. subsidiaries, more than a week after the proposed $3.25B takeover of the Swiss lender was reportedly cleared by The Bank of England.
- UBS ( UBS ) has committed to provide the Fed board an implementation plan for combining the U.S. business and operations of the merged entity.
- The plan, which will be updated quarterly, "will address UBS' ( UBS ) obligations to comply with more stringent enhanced prudential standards, including liquidity standards," the Fed said in a statement .
- The takeover was voted down by Swiss parliament's lower house days earlier. But this was mostly symbolic as a parliamentary commission already approved the rescue plan for Credit Suisse ( CS ), which mostly involved guarantees through the Swiss central bank, not parliament.
- Note that Switzerland's attorney general office is looking into events surrounding the takeover.
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Fed approves UBS' acquisition of Credit Suisse's U.S. business