The Monetary Authority of Singapore (MAS) has confirmed that the Singaporean entities of UBS Group AG (UBS) and Credit Suisse Group AG will remain undisturbed by the legal completion of their merger.

UBS and Credit Suisse are set to continue operating in Singapore under separate licenses primarily in private banking and investment banking, with both having reaffirmed “governance structures to monitor and facilitate the orderly integration of the Singapore operations” are in place.

The MAS said it is in “close contact” with the Swiss Financial Market Supervisory Authority (FINMA) which approved and oversaw the merger, along with Credit Suisse and UBS, regarding the integration. FINMA said in a statement that the “legal completion [of the merger] brings clarity and stability for the two banks and their clients”.

“MAS is also closely monitoring the implications for jobs in the banks and has conveyed our expectation for the banks to handle this responsibly,” the Singaporean authority said in a statement.

“The banks are working out the details of the manpower implications. MAS will work with relevant stakeholders to proactively address any impact on employment.”