The Monetary Authority of Singapore is closely monitoring implications for jobs in the city-state at UBS and Credit Suisse the takeover.
The Monetary Authority of Singapore (MAS) is «closely monitoring the implications for jobs» from the UBS takeover of Credit Suisse, according to a statement, adding that the regulator conveyed its expectations for the two Swiss lenders to handle the matter «responsibly».
«The banks are working out the details of the manpower implications. MAS will work with relevant stakeholders to proactively address any impact on employment,» the watchdog said.
Uninterrupted Operations
Meanwhile, the day-to-day operations of UBS and Credit Suisse in Singapore will not be interrupted by the legal completion of the takeover with the two banks operating in the city-state under separate licenses.
«UBS and [Credit Suisse] have put in place governance structures to monitor and facilitate the orderly integration of the Singapore operations. Their primary activities in Singapore remain private banking and investment banking,» MAS said, adding that it was in close contact with the Swiss Financial Market Supervisory Authority (Finma).
