Credit Suisse refused to provide services to wealthy customers in Russia

Swiss Bank Credit Suisse refuses business to serve wealthy clients in the Russian jurisdiction, said Monday the Russian Forbes, citing two sources in the market.

The decision was taken in late may, in June, the managers began to inform customers, said the interlocutor of the edition close to the Bank. “At the request of the client, I communicated with the Russian managers, who warned me that private banking covers all the Russian accounts,” confirmed another source.

Credit Suisse confirmed that it would stop servicing Russian accounts of private banking clients. The Bank revised offers private banking services in Russia and decided that it will continue providing Advisory services for investments for private clients in Russia, but no onshore booking of accounts in the Russian jurisdiction), as indicated in the answer Bank at the request of Forbes.

The clients of private banking with Russian accounts will have to transfer assets to Switzerland to Credit Suisse continued to serve them, writes Forbes. Clients that have assets in Russia, and a little claim on their part did not, says a source close to the Moscow subsidiary of Credit Suisse.

The decision of Credit Suisse to abandon onshore platform in Russia is only based on the traffic demand and the needs of the customers, most of whom keep money abroad and not associated with deterioration or news background, according to a source close to the Bank. Banks, develop the business of maintenance of millionaires in Russia, counting on the rapid development of the local market, but in the end the costs are not paid off, explains Swiss banker, working with clients from Russia. “For a global Bank’s full platform of private banking in Russia is the rolls royce, which have to move in the jungle,” he says.

In October of 2015 Forbes with reference to sources reported that the Swiss banks UBS and Credit Suisse have begun to close accounts of Russian clients, whose assets amounted to less than $5 million, One source has noted that clients who wish to maintain your account, you have to pay a monthly fee in the amount of about one thousand Swiss francs a month. In turn, UBS and Credit Suisse denied information about the mass closing of accounts of Russians.