MAS, banks seek to calm investors amid potential credit crunch, heightened recession risk

CREDIT Suisse Group will “continue operating in Singapore with no interruptions or restrictions” following its announced takeover by UBS, the Monetary Authority of Singapore (MAS) said. Meanwhile, a spokesperson from the Swiss bank said it does not expect any disruptions to client services.

The kneejerk reaction to the news that UBS will take over Credit Suisse was negative when Asian markets opened on Monday (Mar 20), though. And market observers expect to see risk-on sentiment pile on in the week ahead.

“MAS will continue to closely monitor the domestic financial system and international developments, and stands ready to provide liquidity through its suite of facilities to ensure that Singapore’s financial system remains stable and financial markets continue to function in an orderly manner,” said the central bank in a statement on Monday.