UBS plans to close the accounts of Credit Suisse clients from CIS countries

30th of August, 2023

The largest Swiss bank UBS has decided to refuse to provide services to citizens of CIS countries, who are currently clients of Credit Suisse financial group. The reason for this is that the risks of cooperation with this category of clients are too high.

It should be reminded that on June 12, 2023 it was confirmed the closing of the deal on the takeover of UBS Group of its former competitor Credit Suisse.

NZZ am Sonntag pointed out that up to 75% of Credit Suisse clients, who are citizens of CIS countries, will lose access to account services in this bank. For the most part, these individuals do not reside in CIS countries or Switzerland, but abroad.

The problem arose due to the fact that UBS Group is less risk averse than the management of Credit Suisse. The new owner of the banking group seeks to extend its management principles to the entire merged structure.

Previously, Credit Suisse had a portfolio of assets of Russian clients in 60 billion dollars. At the beginning of February 2022, this portfolio fell to 33 billion, but was still twice as large as a similar position in the assets of UBS. Now we should expect this volume to fall to a minimum.

On August 29, it was revealed that UBS Group had hired former Credit Suisse banker Babak Dastmalski to its new unit called GWM Strategic Clients. For many years he was an assistant and personal advisor to many oligarchs served in Switzerland. With this decision, UBS has shown that it wants to retain some of Credit Suisse's most senior bankers.

If you are a Credit Suisse client and have been affected by UBS's new policy, use the "Recovery of assets from frozen bank accounts" service from our experts. Your interests will be represented by experienced lawyers who have worked in the banking sector for many years. Assistance is available for both individuals and legal entities.

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  •  in-depth study of the client's case;
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