UBS bans Credit Suisse employees from serving Russian and Ukrainian politicians and businessmen – Kommersant
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The Swiss bank UBS has set “red lines” for employees of Credit Suisse after the merger of two credit institutions, reports Financial Times (FT) with reference to own sources. Among the restrictions imposed is a ban on servicing new clients from the list of “high-risk” countries (among such states are Russia, Belarus, Afghanistan, Tajikistan, Kosovo, among clients are representatives of political and business circles from Ukraine).
According to FT sources, Credit Suisse employees are prohibited from accepting and serving Russian clients in order to “limit the risk of money laundering, bribery and corruption.” A high level of risk in this area has been assigned to Russia and 27 other countries. The list of restrictions also includes a ban on serving Ukrainian politicians and state-owned enterprises in order to also “prevent potential money laundering.”
Also, Credit Suisse employees will now be required to obtain permission from UBS managers to extend loans secured by yachts, ships and real estate worth more than $60 million, as well as to extend loans to borrowers outside of Switzerland and for overseas real estate. The list released by the FT also includes a few more “red lines” for Credit Suisse employees, mostly related to organizational issues, such as the distribution of research and the use of offices.
UBS and Credit Suisse did not comment on the FT information, the Swiss financial authorities also do not comment on the possible imposition of restrictions on employees of one of the largest banks in the country.
June 12 Swiss bank UBS announced on the completion of the takeover of Credit Suisse. The combined company will operate as a consolidated banking group. UBS and Credit Suisse started merger process in March. The deal took place with the direct participation of the Swiss authorities, who persuaded UBS to buy out Credit Suisse in order to save it from collapse. The European Commission approved the merger between UBS and Credit Suisse at the end of May.
The history of the collapse of Credit Suisse – in the material “Kommersant” “The whole of Switzerland is in terrible turmoil”.
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