Federal Reserve Board announces its approval for UBS Group AG to acquire the U.S. subsidiaries of Credit Suisse Group AG
April 14, 2023
Federal Reserve Board announces its approval for UBS Group AG to acquire the U.S. subsidiaries of Credit Suisse Group AG
For release at 4:00 p.m. EDT
The Federal Reserve Board on Friday 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.
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