Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling Back
Credit Suisse is the largest Swiss financial conglomerate.
Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling BackThe Swiss bank UBS decided to abandon a significant part of the Russian clients of Credit Suisse and close their accounts. The court arrested the assets of a subsidiary of Credit Suisse in Russia. The court arrested funds in Credit Suisse accounts within the amount of the claim of Kaluga Gazenergobank - €10.12 million and $10.25 million, which are kept in accounts at Bank Credit Suisse JSC. Also, 99.9% of the shares of Credit Suisse AG and Credit Suisse Securities, owned by Credit Suisse AG, were arrested and prohibited from disposing of these shares and shares within the limits of the stated claims in the part not covered by the seizure of funds.
Stop new business in Russia while meaningfully cutting exposure by 56%. Credit Suisse is shocked, with 17.6 billion Swiss francs blocked in CS alone. UBS sets ‘red lines’ for Credit Suisse staff as it completes takeover. UBS executives have drawn up a list of nearly two dozen “red lines” that prohibit Credit Suisse staff from a range of activities from the first day the two banks are combined, according to people with knowledge of the measures. Prohibited activities include taking on clients from countries such as Libya, Russia, Sudan and Venezuela and launching new products without approval from UBS managers.