Change of control approvals by regulators typically can take up to 60 working days to secure in Britain. Representatives for UBS and Credit Suisse declined to comment…reports Asian Lite News
The Bank of England has approved UBS Group AG’s takeover of Credit Suisse Group AG in the United Kingdom, people familiar with the process told Reuters, a key market for the Swiss lenders racing to close the rescue deal.
Change of control approvals by regulators typically can take up to 60 working days to secure in Britain. Representatives for UBS and Credit Suisse declined to comment.
On March 19, just after the deal was announced, the Bank of England said it welcomed “the comprehensive set of actions set out by the Swiss authorities today in order to support financial stability,” without elaborating.
UBS needs 58 countries to sign off on the combination that will make Switzerland biggest bank a wealth management giant with more than $3 trillion in assets. The longer the deal takes to close, the harder it could be for Credit Suisse to hold on to its business.
The United Kingdom, where Credit Suisse has $60 billion of risk-weighted assets primarily in its investment banking division, is one of its biggest markets outside of Switzerland.
UBS on Tuesday also secured a temporary green light from European Union antitrust regulators to complete its acquisition of Credit Suisse, but will still have to request clearance under EU merger rules, the European Commission said.