Reducing Activities: company scaling back some business operations while continuing others

Stay Scaling Back

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 Back
Revenue(RF), mln.USD
4
Glob.Revenue, mln.USD
39439
Capital(RF), mln.USD
42
Assets(RF), mln.USD
42

The Swiss bank UBS decided to abandon a significant part of the Russian clients of Credit Suisse and close their accounts. The United States is investigating UBS's Russian clients. The US sanctions enforcement agency OFAC wrote to the bank as part of this investigation.

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.

November 12, 2024US scrutinizes Russia accounts UBS took over from Credit Suisse, sources say
June 17, 2024Billionaire Usmanov decided to sue the largest Swiss bank over sanctions
June 17, 2024Putin's oligarch Usmanov decided to sue the largest Swiss bank over sanctions
June 17, 2024Russian billionaire Alisher Usmanov sues UBS over German probe
March 27, 2024Swiss banks close accounts for Russians with dual citizenship
October 02, 2023UBS (owner of Credit Suisse which has big Triangle operation) denies investigation into Russia ties | WRAL TechWire
September 27, 2023DOJ Steps Up Probe of Credit Suisse and UBS Over Sanctions Breaches
August 29, 2023Credit Suisse’s Banker to Russian Billionaires Retained by UBS
August 15, 2023The court banned Credit Suisse and UBS from disposing of the shares of Russian subsidiaries
August 15, 2023The largest bank in Switzerland was deprived of control over Russian subsidiaries
August 01, 2023Switzerland's largest bank will close most of the accounts of Russians at Credit Suisse
April 13, 2023Swiss 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, 2023The largest bank in Switzerland began mass checks of Russian clients
December 30, 2022The Russian "daughter" of the Swiss UBS passed the license of the depositary activity
July 27, 2022UBS Retreats From Russia in Small Steps
April 19, 2022European banks stop managing clients' money from Russia
April 16, 2022All Russians "semi-sanctioned" as UBS takes conservative approach-CEO
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