FRB Approves UBS's Acquisition of Credit Suisse

The Federal Reserve Board ("FRB") approved UBS Group AG's application to acquire the U.S. subsidiaries of Credit Suisse Group AG.

In a Letter for Approval, the FRB permitted UBS to acquire all of Credit Suisse Holdings (USA) Inc.'s ("Credit Suisse") voting shares and to maintain two U.S. intermediate holding companies for a one-year period following UBS's acquisition of Credit Suisse. The FRB required that UBS seek additional approval if it will continue to maintain two U.S. intermediate holding companies after the one-year period.