Singapore central bank says Credit Suisse to continue operations

The Monetary Authority of Singapore MAS said on Monday that Credit Suisse will continue to operate in Singapore with no interruptions, after it was announced that the troubled bank would be taken over by UBS.

Credit Suisse Group AG will continue to operate in Singapore with no interruptions or restrictions after the takeover by UBS Group AG, MAS said in a media release.

Customers of Credit Suisse will have full access to their accounts and Credit Suisse's contracts with counterparties remain in force.

The takeover is not expected to affect the stability of Singapore's banking system. MAS was briefed by the authority on the details of the takeover early on Monday, and was in close contact with the Swiss Financial Market Supervisory Authority FINMA.

MAS will remain in close contact with FINMA, Credit Suisse and UBS as the takeover is completed to facilitate an orderly transition, including addressing any impact on employment, the central bank said.

MAS will continue to monitor the domestic financial system and international developments, and will be ready to provide liquidity through its suite of facilities to ensure that Singapore's financial system remains stable and financial markets continue to function in an orderly manner. On Sunday, UBS agreed to take over its rival for US $3.23 billion following crunch talks aimed at stopping the bank from triggering a wider international banking crisis.

The United States Federal Reserve, European Central Bank and other major central banks came out with statements to reassure markets that have been hit by a banking crisis that started with the collapse of two regional US banks earlier this month.