Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling Back
Credit Suisse
Credit Suisse
Credit Suisse is the largest Swiss financial conglomerate.
Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling BackGlob.Revenue, mln.USD
14410
The 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.
The Company Statement
August 30, 2023
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.
| March 27, 2024 | Swiss banks close accounts for Russians with dual citizenship |
| October 19, 2023 | The court arrested Credit Suisse's assets in Russia worth more than $20 million |
| October 19, 2023 | The court arrested the assets of a subsidiary of Credit Suisse in Russia |
| October 02, 2023 | A court in Moscow stopped proceedings on Shamolin’s claim against Credit Suisse for 89 million rubles |
| September 27, 2023 | DOJ Steps Up Probe of Credit Suisse and UBS Over Sanctions Breaches |
| September 27, 2023 | UBS, Credit Suisse face wider US probe over Russia sanctions -Bloomberg News |
| August 29, 2023 | Credit Suisse’s Banker to Russian Billionaires Retained by UBS |
| August 15, 2023 | The court banned Credit Suisse and UBS from disposing of the shares of Russian subsidiaries |
| August 15, 2023 | The largest bank in Switzerland was deprived of control over Russian subsidiaries |
| August 01, 2023 | Switzerland's largest bank will close most of the accounts of Russians at Credit Suisse |
| June 12, 2023 | UBS sets ‘red lines’ for Credit Suisse staff as it completes takeover |
| April 13, 2023 | Swiss banks will tighten control over the accounts of Russians. They are interested in clients who continue to pay taxes in their home country |
| February 11, 2023 | 17.6 billion Swiss francs blocked Russian funds - alone at CS |
| March 28, 2022 | Credit Suisse Stops New Business in Russia, Cuts Exposure |
| March 15, 2022 | UniCredit considers quitting Russia, Credit Suisse outlines Russian wealth clients |
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