Singapore MAS: Credit Suisse Will Continue Operations in Singapore with No Interruptions or Restrictions Following Takeover by UBS
20th March 2023 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) has issued a statement on Credit Suisse after being taken over by UBS – “Credit Suisse will continue operations in Singapore with no interruptions or restrictions following takeover by UBS”. Singapore MAS: “Credit Suisse Group (CS) will continue operating in Singapore with no interruptions or restrictions, following the announced takeover by UBS Group. Customers of CS will continue to have full access to their accounts and CS’ contracts with counterparties remain in force. The takeover is not expected to have an impact on the stability of Singapore’s banking system … … CS and UBS’ primary activities in Singapore are private banking and investment banking. The two banks do not serve retail customers. Besides banking activities, CS also conducts financial services under other licensed entities in Singapore (Credit Suisse Securities and Credit Suisse Trust).” See Singapore central bank Monetary Authority of Singapore statement below.
“ Singapore MAS: Credit Suisse Will Continue Operations in Singapore with No Interruptions or Restrictions Following Takeover by UBS “
Credit Suisse Continues Operating Without Interruption in Singapore
20th March 2023 – The Monetary Authority of Singapore (MAS) said today that Credit Suisse Group AG (CS) will continue operating in Singapore with no interruptions or restrictions, following the announced takeover by UBS Group AG (UBS). Customers of CS will continue to have full access to their accounts and CS’ contracts with counterparties remain in force. The takeover is not expected to have an impact on the stability of Singapore’s banking system.
MAS has been in close touch with the Swiss Financial Market Supervisory Authority (FINMA)Parent supervisory authority of Credit Suisse Group AG and UBS Group AG. and was briefed by FINMA earlier today on the details of the takeover. FINMA issued a statement on 19 March 2023, announcing the takeover and the supportive measures taken by the Swiss Confederation and the Swiss National Bank (SNB)more information on the takeover and supportive measures, r, the and . Please also refer to . This includes additional liquidity assistance provided by SNB to ensure that CS and UBS can continue to meet all obligations throughout the transaction period. These measures are aimed at ensuring stability for CS’ customers, the Swiss financial centre, and international financial markets.
CS and UBS’ primary activities in Singapore are private banking and investment banking. The two banks do not serve retail customers. Besides banking activities, CS also conducts financial services under other licensed entities in SingaporeCredit Suisse Securities (Singapore) Pte Ltd and Credit Suisse Trust Limited.. For the time being, these CS entities will continue operating under their respective licences. MAS will remain in close contact with FINMA, CS and UBS as the takeover is executed, to facilitate an orderly transition, including addressing any impact on employment.
MAS will continue to closely monitor the domestic financial system and international developments, and stands ready to provide liquidity through its suite of facilities to ensure that Singapore’s financial system remains stable and financial markets continue to function in an orderly manner.
Singapore MAS on Credit Suisse: Main Activities in Private Banking & Investment Banking & Do Not Serve Retail Customers, Singapore Banking System is Sound & Resilient and Top 3 Banks DBS, OCBC & UOB Have Insignificant Exposure to Credit Suisse
18th March 2023 – Singapore central bank Monetary Authority of Singapore (MAS) has issued a statement on Credit Suisse, whose main activities are in private banking & investment banking and do not serve retail customers – “Singapore banking system is sound & resilient and the top 3 banks DDBS, OCBC & UOB have insignificant exposure to Credit Suisse.” Singapore MAS statement: “The Monetary Authority of Singapore (MAS) … … has been in close contact with the Swiss Financial Market Supervisory Authority (FINMA), the parent supervisory authority of Credit Suisse Group AG (CS), on recent developments surrounding the bank. CS operates a branch in Singapore whose main activities are private banking and investment banking. It does not serve retail customers. FINMA and the Swiss National Bank (SNB) have issued a joint statement on 15 March 2023 affirming that CS continues to meet the higher capital and liquidity requirements applicable to Swiss systemically important banks, and that SNB stands ready to provide liquidity to the bank. Singapore’s banking system remains sound and resilient. Singapore banks DBS Bank, OCBC Bank and UOB have confirmed that their exposures to CS are insignificant. Banks in Singapore are well-capitalised and conduct regular stress tests against credit and other risks. Their liquidity positions are healthy, underpinned by a stable and diversified funding base. MAS will continue to closely monitor developments and remains in contact with FINMA.”
Singapore MAS on Credit Suisse
MAS’ Response to Queries on Credit Suisse
16th March 2023 – In response to media queries, the Monetary Authority of Singapore (MAS) said today that it has been in close contact with the Swiss Financial Market Supervisory Authority (FINMA), the parent supervisory authority of Credit Suisse Group AG (CS), on recent developments surrounding the bank.
CS operates a branch in Singapore whose main activities are private banking and investment banking. It does not serve retail customers. FINMA and the Swiss National Bank (SNB) have issued a joint statement on 15 March 2023 affirming that CS continues to meet the higher capital and liquidity requirements applicable to Swiss systemically important banks, and that SNB stands ready to provide liquidity to the bank.
Singapore’s banking system remains sound and resilient. Singapore banks DBS Bank, OCBC Bank and UOB have confirmed that their exposures to CS are insignificant. Banks in Singapore are well-capitalised and conduct regular stress tests against credit and other risks. Their liquidity positions are healthy, underpinned by a stable and diversified funding base. MAS will continue to closely monitor developments and remains in contact with FINMA.
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