After its takeover of Credit Suisse, UBS is addressing its risk management principles. It wants to terminate certain relationships established by Credit Suisse.
According to a story in the German-language «NZZ am Sonntag» (behind paywall), several international private clients of Credit Suisse will have to look for a new bank.
Russian clients are the particular focus. UBS wants to part with 50 to 75 percent of the Credit Suisse client base in a business viewed as too sensitive for the bank.
Offshore Clients Mainly Affected
Exactly which Russian clients are involved remains unclear, according to the story, although it's said they're mainly offshore customers. Credit Suisse currently serves wealthy individuals with Russian passports from Switzerland.
UBS also doesn't want to take over certain Credit Suisse clients in other regions, in what appear to be isolated cases where UBS fears reputational damage.
Lower Risk Appetite
UBS declined to comment to the NZZ, instead referring to its risk profile which is fundamentally more conservative than Credit Suisse's.
It wants to «anchor its risk management principles as well as its corporate culture in the entire combined organization,» and includes legacy business relationships from Credit Suisse.
