On Friday, the Federal Reserve announced that UBS’s application to acquire the U.S. subsidiaries of Credit Suisse Group had been approved.
UBs will provide the board with a plan for the acquisition of Credit Suisse’s New York City-based holding company. The plan will be updated quarterly and will consider combining the U.S. business and operations of UBS and Credit Suisse, as well as addressing UBS’s obligations to comply with more stringent enhanced prudential standards, including liquidity standards. The Fed made a statement regarding this matter.
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On March 22, UBS requested approval from the Fed for the acquisition, which occurred just three days after the bank combination was made public.
UBS is set to acquire Credit Suisse’s American business, which includes investment banking, private banking, corporate debt underwriting, and asset management.
