Federal Reserve approves UBS takeover of Credit Suisse US

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...