Federal Reserve approves UBS takeover of Credit Suisse US

One year to complete consolidation

The Federal Reserve has approved the takeover of Credit Suisse's US intermediate holding company by UBS.

Writing to Luigi De Genghi, partner at Davis Polk & Wardwell - which is advising UBS on the acquisition - on 14 April, the board of the Federal Reserve confirmed that following the takeover, UBS would be able to maintain two US intermediate holding companies for a period of one year. 'It was too late': Credit Suisse chair Lehmann apologises for bank failure Following this, the company will have to hold its entire ownership interest in any US subsidiary in a single entity, unless the Fed board approves an alternative structure. As part of the Dodd-Frank Wall Street Reform and Consum...