Fed approves UBS’s acquisition of U.S. subsidiaries of Credit Suisse

The Federal Reserve on Friday announced its approval for UBS Group AG to acquire the U.S. subsidiaries of Credit Suisse Group. As part of the agreement, UBS has committed to provide the Fed with “an implementation plan” for combining the U.S. businesses of the two firms. This plan will be updated quarterly and  include UBS’ s obligations to comply with more stringent “enhanced prudential standards” including liquidity standards, the Fed said.  Last month, in the wake of the sudden collapse of Silicon Valley Bank, investors lost confidence in Credit Suisse, Switzerland’s largest bank. Over a weekend, the Swiss government engineered a quick takeover by UBS.