Switzerland's largest bank will close most of the accounts of Russians at Credit Suisse

01.08.2023 0 By Writer.NS

The Swiss bank UBS will close most of the accounts of Russians that came to it after the takeover of Credit Suisse, the Swiss publication NZZ Magazin reported with reference to its own sources. In total, UBS Bank is going to get rid of 50-75% of its legacy client base due to non-compliance with its risk criteria, writes liga.net.

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The specific names and titles of the Russian customers are not known, but NZZ assumes that they will be "offshore customers" - people with Russian passports who live outside Switzerland.

UBS was wary of Russian clients long before the start of Russian aggression against Ukraine, and after 2014 stopped attracting them altogether, while Credit Suisse decided to take advantage of the situation. The Russian division was considered a profit machine by Credit Suisse, the publication writes.

UBS did not want to comment on NZZ's information. However, the publication indicates that the bank declared its desire to consolidate its own principles of risk management and corporate culture in the absorbed Credit Suisse. Off the record, UBS says that this really means the possibility of severing the business relationship led by Credit Suisse.

UBS Group took over former rival Credit Suisse Group, which had solvency problems, in June 2023 for 3 billion Swiss francs ($3,25 billion). It became the largest merger of banks since the global financial crisis of 2008.

On July 25, it became known that the leading Swiss bank Julius Baer warned clients from Russia about closing their accounts.
In April, the largest bank in Cyprus also sent out a warning to Russian customers that their accounts would be closed.

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