Credit Suisse stops with private banking in Russia

Credit Suisse plans to close down its asset management activities in Russia. The bank will remain in the country, limiting its activities and investment advisory for those who wish to maintain the relationship, will be invited to transfer their accounts in Switzerland.

"Credit Suisse has revised its private banking offering in Russia and will continue providing advisory services for private banking customers in Russia but without booking onshore," Zurich-based Credit Suisse said in a statement, confirming an earlier report by Forbes.
The measure concerns only asset management, but not the provision of advice and other services to domestic customers in Russia. The decision was not linked to any reason of a fiscal nature; previously a similar decision was made by Deutsche Bank and UBS, respectively in 2003 and 2007.