"The total assets of Credit Suisse, Hong Kong Branch amounted to about HK$100 billion, representing less than 0.5% of the total assets of the Hong Kong banking sector. The exposures of the local banking sector to Credit Suisse are insignificant," it added.
As of the end of February 2023, Credit Suisse was the ninth-largest listed structured product issuer in Hong Kong, accounting for about 4% of the total market in terms of market value of outstanding units, HKMA said.In a similar move, the Monetary Authority of Singapore said Credit Suisse operations will continue in the city-state with "no interruptions or restrictions."
Credit Suisse customers will continue to have full access to their accounts and "contracts with counterparties remain in force. The takeover is not expected to have an impact on the stability of Singapore's banking system,"MAS added that UBS and Credit Suisse do not serve retail customers, as their primary activities in Singapore are in private banking and investment banking.
The central bank said it will remain in close contact with Swiss regulators, UBS and Credit Suisse as "the takeover is executed, to facilitate an orderly transition, including addressing any impact on employment."As for Japan, the country's banking system is unlikely to be affected by the deal, said Cyrus Daruwala, managing director of IDC Financial Services.
"I think the exposure to a large wealth manager or an asset manager like Credit Suisse or UBS, in general speaking terms, would be approximately 4% of their portfolio," Daruwala, told CNBC's "Squawk Box Asia" on Monday.
LOL
Powell speech to Congress... a week of SVP a week of CS another week of US Fed Powell... can it get any worse!?!
Bad buys Badder ! How does that mean this banking gets better? or Is this just a front to swap debt to CS & whip it out off the UBS books !
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