UBS Group AG and its subsidiary Credit Suisse have reached an agreement with the US Federal Reserve and the UK Prudential Regulation Authority, as well as settled matters with the Swiss Financial Market Supervisory Authority regarding Credit Suisse’s dealings with Archegos Capital Management.
Under the resolutions declared on July 24, 2023, Credit Suisse has agreed to pay $269 million to the Federal Reserve. And £87 million ($119 million) to the PRA. In its financial statements for the second quarter of 2023, Credit Suisse AG will set aside additional funds to account for these resolutions.
UBS Group AG will account for the costs of acquiring Credit Suisse, which was finalized on June 12, 2023.
The Federal Reserve and FINMA have imposed certain measures to address issues with credit, liquidity, risk management. And oversight of efforts to address these problems.
UBS plans to apply its operational and risk management practices and values throughout the merged company. It has already started to implement its risk system within Credit Suisse, addressing the regulatory issues that have been identified. UBS aims to resolve any ongoing legal or regulatory problems facing Credit Suisse in order to benefit its stakeholders, such as:
- Investors, clients, and employees.
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