On 20 March 2023, SIN MAS commented on operations of Credit Suisse AG.
- SIN MAS commented on Credit Suisse's operations after annoucement of the takeover.
- Follows SWI GVT, SWI CB, FINMA March 2023 approved takeover of CS.
Statement
- Takeover is not expected to have an impact on stability of Singapore's banking system.
- CS customers will full have access to their accounts; CS’ contracts remain in force.
- CS and UBS' primary activities are private/investment banking; no retail business.
- CS also conducts financial services, and these CS entities will continue to operate.
- SIN MAS will keep close contact with FINMA, CS and UBS as the takeover is executed, to facilitate an orderly transition including addressing any impact on employment.
