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The Federal Reserve on Friday approved UBS Group AG’s takeover of the US subsidiaries of Credit Suisse Group AG.
Although Swiss authorities are primarily involved in the deal between the European nation’s banking giants, the US central bank needed to weigh in as each institution has American operations. The Fed’s move green lights UBS to acquire all US units of Credit Suisse.
Last month, UBS agreed to buy Credit Suisse in a historic, government-brokered deal. The move came after Credit Suisse endured a series of blowups, scandals, leadership changes and legal issues.
As part of that deal, the Fed said that UBS has committed to giving the central bank a plan for combining its US operations with those of Credit Suisse. Ultimately, UBS will only have one US intermediate holding company, according to the Fed.
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