The Federal Reserve has approved UBS's acquisition of Credit Suisse's US subsidiary.

[Fed has approved UBS's acquisition of Credit Suisse's US subsidiary] April 15, the Federal Reserve is understood to have approved UBS's acquisition of Credit Suisse's US subsidiary. UBS has promised to submit an implementation plan for the merger to the US central bank within three months of completing the deal, the Fed said in a statement. Due to the expansion of the institution, the plan will include stricter requirements, such as banks' liquidity standards, the statement said.