Fed Reserve Approves UBS Acquisition of Credit Suisse's
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| Fed Reserve Approves UBS Acquisition of Credit Suisse's |
The US Federal Reserve Board of Governors has approved the acquisition of Credit Suisse's US subsidiaries by UBS Group.
On Friday, the 14th of April, the Board said that UBS had committed to granting the Federal Reserve the implementation plan for combining its activities and operations in America with those of Credit Suisse within three months of closing the transaction.
This will include stricter requirements, some of which are specific to the bank's liquidity standards, due to the increased size of the institution.
The Swiss bank pledged to provide the Fed with a plan to combine the US operations of UBS and Credit Suisse with quarterly updates.
And last March, UBS took over its troubled rival, Credit Suisse, after arduous negotiations, in a $3.2 billion deal.