Information on Credit Suisse Takeover by UBS

Many of you will have seen the news over the weekend regarding the takeover of Credit Suisse by UBS.

The Bank of England released the following statement on Sunday 19 March 2023 :

“We welcome the comprehensive set of actions set out by the Swiss authorities today in order to support financial stability. We have been engaging closely with international counterparts throughout the preparations for today’s announcements and will continue to support their implementation. The UK banking system is well capitalised and funded, and remains safe and sound”.

The Bank of England also issued a market notice on 19 March 2023 on Enhancements to the provision of US dollar repo operations – view notice

You can follow statements from the Bank of England here

AFB will continue to follow developments closely and will share further updates  on our website and via social media as necessary.

On 21 March, the AFB will host a Virtual Seminar: SVB and Beyond – Planning for and Dealing with Bank Failure from 9.00 to 9.45.  Further information and book your place

Should any AFB member have any questions or concerns regarding this situation, please email secretariat@foreignbanks.org.uk