No interruptions in Credit Suisse operations in Singapore: MAS

MAS said UBS’ takeover of Credit Suisse will not impact SG’s banking system.

Credit Suisse will continue operating in Singapore without interruptions, according to the Monetary Authority of Singapore (MAS).

MAS issued the statement after news of the Swiss bank’s merger with UBS Group AG (UBS) was announced. 

The central bank said the Swiss Financial Market Supervisory Authority (FINMA) has briefed them on the full details of UBS’ takeover.

“Customers of Credit Suisse will continue to have full access to their accounts and CS’ contracts with counterparties remain in force,” MAS said.

The Singapore branch of Credit Suisse and UBS both offer private and investment banking. 

Credit Suisse also operates financial services under licensed entities in Singapore, which shall also remain uninterrupted.

MAS also assured the public that the takeover will not have an impact on the stability of Singapore’s banking system.

“[We] will continue to closely monitor the domestic financial system and international developments, and stand 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,” MAS said.

The Swiss Confederation and the Swiss National Bank (SNB) are also ready to provide further assistance, such as liquidity assistance, to ensure the success of the merger.

“These measures are aimed at ensuring stability for Credit Suisse’s customers, the Swiss financial centre, and international financial markets,” MAS said.