ZURICH (dpa-AFX) – The Swiss Financial Market Supervisory Authority (Finma) has approved the takeover of the struggling Credit Suisse (Credit Suisse (CS)) by UBS. Finma welcomes the takeover solution and the measures taken by the federal government and the Swiss National Bank (SNB), the authority announced on Sunday evening.
The takeover will result in a larger bank. The existing regulation provides for higher capital cushions for this. According to the statement, FINMA will grant appropriate transitional periods for their establishment.
Finma will monitor the transaction and compliance with all regulatory requirements very closely. In addition, she will continuously coordinate with national and international authorities such as the US Federal Reserve and the British Prudential Regulatory Authority.
According to the announcement, after the takeover of CS by UBS, all of the bank’s services will be “available without interruption”. All business activities of the banks could be continued without restrictions.
This also protects depositors and depositors, accounts and other services such as counters, ATMs, e-banking, debit and credit cards remain accessible in the usual way.
At Credit Suisse there was a risk of insolvency, even if the bank was still solvent. “The authorities had to take measures to avert serious damage to the Swiss and international financial market,” said Finma./tv/tp/AWP/nas
Leverage must be between 2 and 20
No data