Britain’s central bank has said the UK financial system remains “safe and sound” as it seeks to calm fears after the Swiss government mediated the merger between the country’s two largest banks to save Credit Suisse from collapse.
Swiss investment banking company UBS announced on Sunday evening it will purchase its rival Credit Suisse in a deal worth more than $3 billion.
Credit Suisse has a UK base in Canary Wharf and all its UK businesses remain open, with customers able to access their deposits.
A sign displays the name of Credit Suisse on the floor at the New York Stock Exchange in New York on March 15, 2023. (Seth Wenig/AP Photo)
The Bank of England said on Sunday evening: “We welcome the comprehensive set of actions set out by the Swiss authorities today in order to support financial stability….