UBS is going to abandon 75% of Russian clients of Credit Suisse – Kommersant
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The Swiss bank UBS plans to close the accounts of 50-75% of Credit Suisse’s Russian clients. The Swiss newspaper writes about it NZZ am Sonntag. According to her, after takeovers Credit Suisse UBS began reviewing the bank’s customer base and found it too risky to continue serving some of its customers. UBS did not comment on the publication’s information.
According to NZZ am Sonntag, it is not known which of the Russian clients will be affected, however, most likely, this will primarily affect Russian citizens living abroad. According to the paper, the decision reflects UBS’s more conservative approach to risk than Credit Suisse’s and UBS’ intention to bring the acquired bank’s customer base in line with its rules and regulations. NZZ am Sonntag also writes that UBS has traditionally been cautious about working with clients from Russia, while Credit Suisse has been very active in developing such cooperation. At the same time, as the publication notes, the process of terminating customer service can take years – UBS will have to find new banks for their accounts, some customers may sue due to account closures.
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