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Credit Suisse Wealth Clients Face Margin Calls on Russian Assets

  • Joins UBS in asking for more collateral for some portfolios
  • Banks not willing to lend against some Russian assets
Credit Suisse AG HQ as CEO Faces Anger on Archegos Mess
Photographer: Stefan Wermuth/Bloomberg

Credit Suisse Group AG joined larger rival UBS Group AG in triggering margin calls on wealthy clients who use Russian assets as collateral, after their value slumped in the wake of extensive sanctions imposed on the country.

Switzerland’s second-largest bank is asking rich customers to post more collateral after cutting lending values on Russian securities, according to people familiar with the matter who requested anonymity to discuss internal information. Other banks with wealth management arms including Banque Pictet & Cie SA have also cut lending values, Bloomberg reported earlier.