Swiss Bank Credit Suisse will close the branch of the private banking (the business of servicing wealthy clients in the Russian jurisdiction. This writes Forbes. The only available service for customers in Russia will remain investment advice.
Customers of the Bank who hold assets in Russia, claims on their part were reported. To cooperate with Credit Suisse and then, they will have to transfer assets to Switzerland, the magazine writes.
Credit Suisse — the last of three global banks that ten years turns to work with millionaires in the Russian jurisdiction. A year ago the closure of this direction in connection with the global reorganization and cost reduction announced by Deutsche Bank, whose private banking division worked in Russia since 2003.
As the newspaper notes, the banks, develop the business of maintenance of millionaires in Russia, ahead of time. “This is a Rolls-Royce, which have to move in the jungle,” explained Swiss banker in an interview with Forbes. The credit institution was counting on the rapid development of the local market, but in the end this did not happen, the costs are not paid off.
The policy of reducing costs has affected clients of Credit Suisse and certain other global banks last year. Account holders up to five million dollars, it became unprofitable to keep money in the Bank for a fixed service fees, which increased.
