Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling Back
UBS
UBS
UBS Group AG is the largest Swiss financial holding providing a wide range of financial services worldwide.
Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling BackGlob.Revenue, mln.USD
33270
The Swiss bank UBS decided to abandon a significant part of the Russian clients of Credit Suisse and close their accounts.
The Company Statement
July 29, 2023
Suspend new business in Russia and reduce current exposure by helping clients unwind Russia securities; reducing Russian client services; passed back the license of the depositary activity. The Swiss bank UBS has begun mass inspections of clients of Russian origin. As follows from the UBS letter, the bank intends to clear its client base of Russians under sanctions. The inspection is being conducted "in connection with the measures taken by the Federal Council in relation to Russia," the document says.
| March 27, 2024 | Swiss banks close accounts for Russians with dual citizenship |
| October 02, 2023 | UBS (owner of Credit Suisse which has big Triangle operation) denies investigation into Russia ties | WRAL TechWire |
| September 27, 2023 | DOJ Steps Up Probe of Credit Suisse and UBS Over Sanctions Breaches |
| 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 |
| 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 |
| March 21, 2023 | The largest bank in Switzerland began mass checks of Russian clients |
| December 30, 2022 | The Russian "daughter" of the Swiss UBS passed the license of the depositary activity |
| July 27, 2022 | UBS Retreats From Russia in Small Steps |
| April 19, 2022 | European banks stop managing clients' money from Russia |
| April 16, 2022 | All Russians "semi-sanctioned" as UBS takes conservative approach-CEO |
| March 29, 2022 | UBS’s Weber: No New Business in Russia, Winding Down Trades |
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