- UBS names South Korea, India, others as 'slow' to nod Credit Suisse deal

UBS Group AG has identified several countries, including South Korea and India, as “slow” in granting regulatory approvals for its takeover of Credit Suisse, according to an internal document reviewed by RushHourDaily. The document also highlighted Ireland and Saudi Arabia as “slow jurisdictions” in granting licenses. The document emphasized that non-cooperative regulators could pose a risk to transactions like the Swiss bank merger. UBS stated that uncertainties in securing regulatory nods could result in winding down businesses and asset sales when facing difficult jurisdictions or regulators. Credit Suisse, which experienced scandals and losses, was rescued by UBS in a state-engineered takeover. UBS completed the takeover in June but still requires approvals from regulators in markets where both banks operate. UBS and Credit Suisse, as well as central banks in South Korea, India, Ireland, and Saudi Arabia, did not respond to requests for comment. The merger between the two global systemically important banks presents opportunities and risks for UBS, which has been working on integrating Credit Suisse’s businesses in various markets. UBS expects the merger to be completed in 2024, but the internal document suggests it could be finished as early as May next year. UBS highlighted that a single non-cooperative regulator can jeopardize the timeline of the parent bank merger and other transactions, impacting related integration deals. The document revealed that obtaining new licenses in South Korea could take 18 to 22 months, up to two years in Ireland, and up to 12 months in Saudi Arabia. In India, the regulator may take a minimum of six months to approve the establishment of a new branch.