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Federal Reserve Approves UBS-Credit Suisse Merger in the U.S.

On Friday, the Federal Reserve Board of Governors announced that it had approved the acquisition of the U.S. subsidiaries of Credit Suisse Group AG by UBS Group AG (SIX: UBSG). This approval paved the way for the Swiss-brokered deal in the United States.

UBS and Credit Suisse logos
UBS and Credit Suisse logos

UBS to Submit Implementation Plan to U.S. Central Bank

UBS has agreed to provide the U.S. central bank with an implementation plan outlining its U.S. business and operations merging with those of Credit Suisse. The Federal Reserve's statement indicated that the plan would entail more stringent requirements, including enhanced liquidity standards for the bank.