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The Swiss financial regulator has ordered UBS to bolster its emergency and recovery plans following its takeover of Credit Suisse last year.
In a statement on Tuesday, Finma said it had suspended its annual approval of UBS’s resolution strategy — which banks have to draw up in case they run into difficulties — and called on the bank to create a new plan.
“Based on the experience of the Credit Suisse crisis, additional options for action are required to further strengthen crisis preparations and resolution planning for systemically important banks,” the regulator said.
UBS is midway through its three-year integration of Credit Suisse, which collapsed last year following years of scandal and losses.
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