Hong Kong monetary authority says Credit Suisse business in city open as usual
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The announcement came after the Swiss National Bank announced on Sunday that UBS will buy rival Credit Suisse.
PHOTO: BLOOMBERG
HONG KONG – The Hong Kong Monetary Authority (HKMA) and the city’s Securities and Futures Commission (SFC) said on Monday that Credit Suisse’s operations in the financial hub will be open for business as normal, with customers able to access their deposits.
The announcement came after the Swiss National Bank announced on Sunday that UBS will buy rival Credit Suisse.
“The total assets of Credit Suisse, Hong Kong branch, amounted to about HK$100 billion (S$17 billion), representing less than 0.5 per cent of the total assets of the Hong Kong banking sector,” said HKMA, adding that the exposure to the local banking sector was “insignificant”.
HKMA and SFC said they will stay in close touch with the Swiss authorities and monitor the financial markets very closely. REUTERS