The Federal Reserve Board approved UBS’ acquisition of the U.S. subsidiaries of Credit Suisse.

The acquisition application was submitted in connection with UBS’ acquisition of Credit Suisse. In connection with the proposal, UBS has committed to provide an implementation plan to the board for combining the U.S. business and operations of UBS and Credit Suisse, which will be updated quarterly. The implementation plan will address UBS’ obligations to comply with more stringent enhanced prudential standards, including liquidity standards.