The Federal Reserve Board announced its approval for UBS Group AG, of Zürich, Switzerland, to acquire the U.S. subsidiaries of Credit Suisse Group AG, of Zürich, Switzerland.
The application was submitted in connection with UBS Group AG’s acquisition of Credit Suisse Group AG.
In connection with the proposal, UBS has committed to provide the Board with an implementation plan for combining the U.S. business and operations of UBS and Credit Suisse, which will be updated quarterly.
The implementation plan will address UBS’s obligations to comply with more stringent enhanced prudential standards, including liquidity standards.
Pressure from the Swiss government, which went so far as to contemplate the nationalization of Credit Suisse, brought about an agreement as swift as it was historic in Swiss international banking: UBS agreed to buy Credit Suisse for $3.23 billion on Sunday, March 19.