Credit Suisse Axes Russia Onshore Private Banking as Demand Ebbsby
Lender has offered private banking in Russia since 2006
CS says the closure will have ‘minimum’ impact on staff levels
Credit Suisse Group AG said it will stop accepting money in Russia from its private-banking clients, citing low demand in the sanction-plagued country.
After the Swiss bank reviewed its operations, it “will continue providing advisory services for private banking customers in Russia but without onshore booking,” Credit Suisse said in an e-mailed statement Monday. The Zurich-based bank said it has “only a small number of clients” that keep their assets in Russia, where it has provided private banking since 2006.
Foreign banks including Deutsche Bank AG, Royal Bank of Scotland Group Plc and Barclays Plc have cut back operations in Russia as the country faces a second year of recession. UBS Group AG closed its wealth management representative office last year.
Credit Suisse said the move will have a “minimum” impact on staff levels in Russia and that it will retain its banking license and investment banking activities in the country.