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.
in the United Kingdom, people familiar with the process told Reuters, a key market for the Swiss lenders racing to close the rescue deal.
by regulators typically can take up to 60 working days to secure in Britain. Representatives for UBS and Credit Suisse declined to comment."the comprehensive set of actions set out by the Swiss authorities today in order to support financial stability," without elaborating. 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.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.
"That's why it's very important that we get the regulators support globally and as soon as possible," he said.
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