07:16 AM EDT, 10/15/2024 (MT Newswires) -- UBS Group ( UBS ) must strengthen its recovery and emergency plans in cases of insolvency to ensure it can wind down or sell business segments without risking financial stability or using taxpayer money, considering the experience of Credit Suisse before UBS's takeover, Swiss regulator FINMA said Tuesday.

FINMA said it suspended its annual review of UBS's crisis management plans to give the bank more time to develop its strategy while integrating its former rival.

The Credit Suisse experience highlighted UBS's need for more conservative liquidity-generating measures, FINMA said, adding that it is currently revising relevant requirements.

"As FINMA confirms in its press release, UBS meets the current requirements to be resolvable in accordance with the preferred resolution strategy in the event of a crisis," UBS said in an emailed statement to MT Newswires.

The bank added that it already started working on further developing its current resolution planning "in a targeted manner."

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