Singapore, 16 March 2023… In response to media queries, the Monetary Authority of Singapore (MAS) said today that it has been in close contact with the Swiss Financial Market Supervisory Authority (FINMA), the parent supervisory authority of Credit Suisse Group AG (CS), on recent developments surrounding the bank.
2. CS operates a branch in Singapore whose main activities are private banking and investment banking. It does not serve retail customers. FINMA and the Swiss National Bank (SNB) have issued a joint statement on 15 March 2023 affirming that CS continues to meet the higher capital and liquidity requirements applicable to Swiss systemically important banks, and that SNB stands ready to provide liquidity to the bank.
3. Singapore’s banking system remains sound and resilient. Singapore banksDBS Bank, OCBC Bank and UOB. have confirmed that their exposures to CS are insignificant. Banks in Singapore are well-capitalised and conduct regular stress tests against credit and other risks. Their liquidity positions are healthy, underpinned by a stable and diversified funding base.
4. MAS will continue to closely monitor developments and remains in contact with FINMA.