June 5, 2023

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Singapore central bank says no interruption to Credit Suisse operations By Reuters

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© Reuters. FILE PHOTO: A view shows logo of Swiss bank Credit Suisse in front of an office building in Zurich, Switzerland March 16, 2023. REUTERS/Denis Balibouse

(Reuters) – Singapore’s central bank said Credit Suisse Group would continue operating in the city-state without any curbs, adding that it expected no impact of the Swiss bank’s takeover by UBS Group on the Singapore banking system’s stability.

The Monetary Authority of Singapore (MAS) has been in “close touch” with the Swiss Financial Market Supervisory Authority (FINMA) regarding details of the takeover, it said on Monday, adding, Credit Suisse (CS) entities in Singapore continue operating under their respective licences for the time being.

“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,” the central bank said in a statement.

It also added that it would monitor the domestic financial system and international developments, ready to provide liquidity to ensure the city-state’s financial system remains stable and markets continue to function in an orderly manner.

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