(Washington) The US central bank on Friday gave the green light to the takeover by UBS of the US subsidiaries of Credit Suisse as part of the emergency rescue plan for the number two Swiss banking sector.
“The Federal Reserve Board on Friday authorized UBS Group AG, of Zurich, Switzerland, to acquire the U.S. subsidiaries of Credit Suisse Group AG, of Zurich, Switzerland,” a Fed statement said.
This green light is not a surprise but removes a significant obstacle in the recovery of Credit Suisse.
The American central bank, like the American Treasury, had followed very closely the pangs of Credit Suisse and the last chance negotiations which led, on March 19, to its takeover by the first bank in the country, for only 3 billion. Swiss francs.
The two Swiss banking giants – whose merger will give birth to a juggernaut such as the Swiss country has never known – are among the thirty or so banks whose failure would pose a risk to the global financial system.
The Fed also specifies that UBS has undertaken to keep it regularly informed of the progress of the combination of the American activities of the two banks but also “of UBS’s obligations to comply with stricter reinforced prudential standards, including including liquidity standards.
The Credit Suisse rescue operation, led by the federal government, has generated strong interest at the spring meetings of the IMF and the World Bank currently taking place in Washington, said Swiss Finance Minister Karin Keller. -Sutter, who made the trip to the American capital.
“In the talks we conducted, it was recognized internationally that the solution found has averted an international financial crisis,” said Mr.me Keller-Sutter, quoted by the national agency Keystone-ATS.
Mme Keller-Sutter and Swiss central bank president Thomas Jordan stressed that the challenge now was to ensure that Credit Suisse’s takeover could be successfully completed. For the president of the SNB, “only this recovery will create the necessary stability”.
A long-term task that the leaders of UBS want to complete before the end of the year. An integration of the two banks will take several years.
The minister had left Bern on a much less flattering note. She had been heckled by parliamentarians who were very critical of the agreement.
In an inconsequential vote, they had rejected the financial guarantees promised to UBS by the State and the SNB in the amount of 109 billion Swiss francs.