Credit Suisse Continues Operating Without Interruption in Singapore
Singapore, 20 March 2023… The Monetary Authority of Singapore (MAS) said today that Credit Suisse Group AG (CS) will continue operating in Singapore with no interruptions or restrictions, following the announced takeover by UBS Group AG (UBS). Customers of CS will continue to have full access to their accounts and CS’ contracts with counterparties remain in force. The takeover is not expected to have an impact on the stability of Singapore’s banking system.
2. MAS has been in close touch with the Swiss Financial Market Supervisory Authority (FINMA)
3. CS and UBS' primary activities in Singapore are private banking and investment banking. The two banks do not serve retail customers. Besides banking activities, CS also conducts financial services under other licensed entities in Singapore
4. MAS will continue to closely monitor the domestic financial system and international developments, and stands ready to provide liquidity through its suite of facilities to ensure that Singapore’s financial system remains stable and financial markets continue to function in an orderly manner.
Media ReleasesPublished Date: 16 March 2023
MAS' Response to Queries on Credit Suisse
MAS' response to queries on Credit Suisse
Media ReleasesPublished Date: 13 March 2023
Singapore's Banking System Remains Sound and Resilient
MAS said Singapore’s banking system remains sound and resilient amid heightened volatility in global financial markets following the recent closure of banks in the US. The Singapore Dollar money market and foreign exchange market continue to function well.
Media ReleasesPublished Date: 31 August 2022
MAS Renews its Statement of Commitment to the FX Global Code
MAS renewed its Statement of Commitment to the updated Foreign Exchange (FX) Global Code. MAS reaffirms its adherence to the principles of the Code as a market participant, and the alignment of its internal practices and processes with these principles. MAS strongly encourages all wholesale FX market participants in Singapore to adhere to the latest version of the Code.