UBS Credit Suisse Merger: A big news has come about the merger of Credit Suisse Bank and UBS Group. The US Fed Reserve has put its seal on the merger of both.
UBS Credit Suisse Merger: The Federal Reserve of America has approved the merger of Credit Suisse Bank and UBS Group of Switzerland. Giving information on this matter, the US Fed Reserve said that permission has been given for the acquisition of US-based units of Credit Suisse by UBS Group AG. UBS Group had sought its approval on this matter on March 22 itself.
According to the law, UBS Group will have to make changes
Along with this, the Board of Governors of the US Fed Reserve has said that within three months of the acquisition of Credit Suisse Bank by UBS Group, the bank will have to make planned changes to further its business in the US. For this, UBS Group has given its consent. Along with this, the Fed Reserve also said that the bank will have to take more stringent steps to keep its money safe and some changes will have to be made in it as the size of the bank has become huge after the merger of the two banks.
According to the US merger and acquisition law, the US Fed Reserve reviews the merger of all those banks, where the bank’s total assets are $ 250 billion. Along with this, this review is also done on the purchase of a company with shares of more than $ 10 billion.
UBS and Credit Suisse Bank are merging
After the collapse of Credit Suisse Bank, Switzerland’s UBS Group has decided to buy it. This deal has been completed for $ 3.3 billion. There was an outcry in the banking sector around the world since the sinking of America’s Silicon Valley Bank and Signature Bank. Its effect was also visible on the banking sector of Europe and the news of the sinking of Credit Suisse Bank, the 16th largest bank of Switzerland, came.
After this, to save it from bankruptcy, UBS Group decided to merge with it. According to the rules of the European Union, the merger of the bank has not yet been approved, but a decision can be taken soon. According to Reuters, the merger of the bank has been approved in Britain. Talking about the merger of UBS Group with Credit Suisse Bank, he said that after this merger, the business of the bank will reach $ 5 billion.
