US Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell welcomed the acquisition of Credit Suisse by UBS while assuring that the US banking system is strong.

“We are pleased with the announcements made by the Swiss authorities today to support financial stability,” the US Treasury Department and the Fed said in a joint statement.

“The US banking system is strong in terms of capitalization and liquidity, and the US financial system is resilient,” they add.

The US Treasury and the Fed were “in close contact” with their international counterparts to support the buyout operation.

In London, the British government welcomed the actions of the Swiss authorities to facilitate the takeover of Credit Suisse by UBS and assured that the British banking system is “safe”.

“The UK government welcomes the actions of the Swiss authorities to facilitate the acquisition of Credit Suisse by UBS to support financial stability,” British Chancellor of the Exchequer Jeremy Hunt tweeted. “The Bank of England has confirmed that the banking system in the United Kingdom is safe, sound and capitalized,” he wrote, citing a related announcement from the Bank of England.