UK Treasury official sees no immediate concerns on UBS-Credit Suisse deal

WASHINGTON: Britain’s No 2 Treasury official said on Tuesday that he does not have any immediate concerns about the execution of Switzerland’s Credit Suisse rescue by UBS but will monitor the deal closely, reiterating that UK banks are “very resilient.”

John Glen, chief secretary to the UK Treasury, told Reuters on a stop in Washington that Britain’s banks have not seen deposit outflows in reaction to the failures of US regional lenders Silicon Valley Bank and Signature Bank.

Those collapses more than two weeks ago prompted many US depositors to shift billions of dollars from smaller and regional banks to larger US institutions for perceived safety.