The bank with the three keys has committed to presenting an implementation plan for the combination of the American businesses and activities of UBS and Credit Suisse.
The Federal Reserve Board of the US Federal Reserve has cleared the takeover of Credit Suisse’s US subsidiaries by UBS, it said on Friday evening.
The authorization request had been filed in connection with the compulsory takeover of Credit Suisse Group by UBS. The bank with the three keys has committed to presenting an implementation plan for the combination of the American businesses and activities of UBS and Credit Suisse. The plan should be updated quarterly.
The implementation plan will take into account UBS’s commitments to maintain stricter supervisory standards, including in terms of liquidity.