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.
MAS has imposed a six-month pause on DBS Bank Ltd’s non-essential IT changes to ensure that the bank keeps sharp focus on restoring the resiliency resilience of its digital banking services.
MAS' response to queries on Credit Suisse
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.