Credit Suisse being acquired by UBS; Singapore operations uninterrupted

After raising its bid to over $2 billion, UBS has reached an agreement to acquire Credit Suisse, and the Swiss government is preparing to change laws in order to avoid a shareholder vote and announce the deal before Monday. According to three individuals with firsthand knowledge of the matter, the all-share transaction between Switzerland's two largest banks will be announced on Sunday evening and will be priced significantly lower than Credit Suisse's closing price on Friday, which will essentially eradicate the target's shareholders.

According to an announcement by the Monetary Authority of Singapore (MAS) today, Credit Suisse Group AG (CS) will be able to operate in Singapore without any interruptions or limitations despite the fact that it has been acquired by UBS Group AG (UBS). CS customers will still have complete access to their accounts and all contracts that CS has with other parties will remain valid. The stability of Singapore's banking system is not anticipated to be affected by this acquisition.

Source: Most major news outlets and Monetary Authority of Singapore's press release