The Bank of England has approved UBS Group's takeover of Credit Suisse in the UK, International Investment's sister brand Investment Week understands.
Approval was issued less than three weeks after the deal was announced on 19 March. In total, UBS is required to obtain approval from 58 countries for the deal to be finalised.
The UK is one of Credit Suisse's largest markets outside of Switzerland, with about £48bn in risk-weighted assets in the country, primarily in the firm's investment banking division.
After a delayed annual report revealed "material weaknesses" for the bank and investors becoming nervous following the collapse of Silicon Valley Bank, Credit Suisse's share price plummeted last month, leading to the Swiss regulator stepping in to assist in negotiations for UBS to purchase the bank.
On the day the deal was announced, the Bank of England said it welcomed "the comprehensive set of actions set out by the Swiss authorities today in order to support financial stability".
Yesterday (4 April), UBS secured a temporary green light from EU antitrust regulators but will still require clearance under EU merger rules, the European Commission said.
The Bank of England declined to comment. UBS has been contacted for comment.
