UBS drops Credit Suisse’s Russian clients
Up to three-quarters of Credit Suisse’s Russian clients will have to look for a new bank, according to a report in the NZZ am Sonntag.
This is because the risks are too high for Swiss bank UBS, which recently took over its rival in a government-brokered merger.
It is not clear exactly which Russians are affected, the paper wroteExternal link. However, they are said to be primarily Russian offshore clients: clients with a Russian passport who live abroad and who are currently serviced by Credit Suisse from Switzerland on a cross-border basis.
UBS did not want to take a position on the issue, the NZZ am Sonntag said, but it did mention its lower appetite for risk than its former competitor. Moreover, it wanted to “anchor its risk management principles and corporate structure throughout the combined organisation” of UBS and Credit Suisse, it told the paper.
The bank’s decision would also affect other Credit Suisse clients in other regions, but to a lesser extent, according to the NZZ am Sonntag.
More
Julius Bär to cut ties with Russian clients by 2024
In compliance with the JTI standards
More: SWI swissinfo.ch certified by the Journalism Trust Initiative
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.