Credit Suisse Terminates Private Banking in Russia

Credit Suisse made decision to terminate its onshore private banking platform in Russia, which was only by few Russian clients, according to media reports.

MOSCOW (Sputnik) — Credit Suisse is phasing out its onshore private banking platform in Russia, the Zurich-based bank confirmed to US business magazine Forbes on Monday.

The global private bank and wealth manager made the decision in May and has been informing Russian clients about the end to private banking services since last month, sources told Forbes.

The bank will stay in the country but its range of services for private clients will be limited to investment advisory. Those willing to keep the private banking option will be encouraged to move their accounts to Switzerland.

A source close to Credit Suisse Moscow told the magazine only few Russian clients used the service and there were no complaints about the change.

The Swiss bank was the last integrated global bank to withdraw private services from Russia after Deutsche Bank and UBS announced the decision in 2003 and 2007 respectively.