UBS today provided an update on the planned merger of UBS AG and Credit Suisse AG.
MAS has imposed a civil penalty of $3.9 million on Credit Suisse AG for misconduct by its relationship managers.
The Boards of Directors of UBS Group AG, UBS AG and Credit Suisse AG approved execution of a merger of UBS AG and Credit Suisse AG.
The Boards of Directors of UBS Switzerland AG and Credit Suisse (Schweiz) AG will be restructured and harmonized.
Today, 31 August 2023, UBS has announced its decision to fully integrate Credit Suisse’s Swiss Bank.
UBS Group AG will voluntarily terminate the CHF 9 billion Loss Protection Agreement (LPA) with the Swiss government.
Credit Suisse agreed to pay USD 269 million to the Federal Reserve and GBP 87 million (USD 119m) to the PRA.
Andreas Gerber, Head of Corporate Banking and member of the Executive Board of Credit Suisse (Switzerland) Ltd., is leaving Credit Suisse.
Credit Suisse reported to TRACE approximately 9,000 late trades, primarily in securitized products, and hundreds of thousands of inaccurate TRACE reports.
MAS says UBS and Credit Suisse operations in Singapore to continue without interruption following legal completion of takeover.