Bank of England approves UK takeover of Credit Suisse by UBS

Following acquisition last month

The Bank of England has approved UBS Group’s takeover of Credit Suisse in the UK, Investment Week understands.

Approval was issued less than three weeks after the deal was announced on 19 March. In total, UBS is required to obtain approval from 58 countries for the deal to be finalised. The UK is one of Credit Suisse's largest markets outside of Switzerland, with about £48bn in risk-weighted assets in the country, primarily in the firm's investment banking division. After a delayed annual report revealed "material weaknesses" for the bank and investors becoming nervous following the collapse of Silicon Valley Bank, Credit Suisse's share price plummeted last month, leading to the Swiss regulato...