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(Update) Credit Suisse to continue operating in Singapore with 'no interruptions or restrictions': MAS

Felicia Tan
·2-min read

The takeover is not expected to impact the stability of Singapore’s banking system, says MAS.

Credit Suisse Group AG will continue to operate in Singapore with “no interruptions or restrictions”, says the Monetary Authority of Singapore (MAS) on March 20.

The central bank’s announcement comes after UBS Group AG was confirmed to buy Credit Suisse Group AG for 3 billion Swiss francs ($4.34 billion) on March 19. MAS adds that it was in “close touch” with the Swiss Financial Market Supervisory Authority (FINMA) and was briefed by FINMA on the details of the takeover. Credit Suisse and UBS’s primary activities in Singapore are private banking and investment banking. Both banks do not serve retail customers.

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In its statement, MAS says Credit Suisse’s customers in Singapore will continue to have full access to their accounts. The bank’s contracts with counterparties will still remain in force.

In addition, the takeover is not expected to impact the stability of Singapore’s banking system.

In a subsequent update on March 21, MAS says that Credit Suisse's Singapore branch held some $38 billion in assets as of Feb 28. This is equivalent to 1.6% of the total assets of Singapore's banking sector, says a MAS spokesperson.

For now, Credit Suisse’s other entities in Singapore – Credit Suisse Securities (Singapore) Pte Ltd and Credit Suisse Trust Limited – will continue to operate under their respective licenses.

“MAS will remain in close contact with FINMA, Credit Suisse and UBS as the takeover is executed, to facilitate an orderly transition, including addressing any impact on employment,” reads the statement.

“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,” it adds.

 

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