The Swiss voice in the world since 1935
Top stories
Stay in touch with Switzerland

UBS drops Credit Suisse’s Russian clients

Credit Suisse facade
UBS says it has a 'lower appetite for risk' than former rival Credit Suisse © Keystone / Peter Klaunzer

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

Popular Stories

Most Discussed

News

'Leopard 1 A5' combat tanks in Germany.

More

Switzerland eyes joining EU rearmament programme

This content was published on The Federal Council wants to explore the possibilities of joining the European Union’s €800-billion rearmament programme without compromising Swiss neutrality.

Read more: Switzerland eyes joining EU rearmament programme
Premiere for Swiss Air Force on French National Day

More

Premiere for Swiss Air Force on French National Day

This content was published on On July 14, the Swiss Air Force will take part in the traditional air parade in Paris to mark the French bank holidays with an F/A-18 fighter jet. This is a first for Switzerland.

Read more: Premiere for Swiss Air Force on French National Day
Industry calls for "lean implementation" of the EU treaty package

More

Swiss industry backs EU treaty package

This content was published on The Swiss business umbrella organisation Economiesuisse and the employers' association broadly support the package of agreements negotiated with the European Union.

Read more: Swiss industry backs EU treaty package

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.

SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR

SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR