The acquisition of Credit Suisse AG by UBS AG, supported by liquidity assistance from the Swiss National Bank (SNB), has been welcomed by the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA). Customers will continue to have access to Credit Suisse’s deposits and trading services, and the bank’s operations in Hong Kong will continue as usual. The total assets of Credit Suisse AG, Hong Kong Branch, amount to less than 0.5% of the total assets of the Hong Kong banking sector, and the exposures of the local banking sector to Credit Suisse are considered insignificant. The capital and liquidity positions are also resilient and strong in the Hong Kong banking sector, staying well above the requirements.The SFC and the HKMA will closely monitor the financial markets in cooperation with the Swiss authorities.
resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/other-news/doc?refNo=23PR21