UBS to Close Thousands of Smaller-Value Credit Suisse Accounts in Asia, Bloomberg Reports
--UBS Group intends to shut a few thousand smaller-value Credit Suisse accounts at its Asia Pacific wealth-management arm to discontinue relationships with poor returns, Bloomberg reports, citing unnamed sources.
--The Swiss lender is assessing accounts holding around $2 million or less, many of which are situated in Singapore and Hong Kong, Bloomberg says.
--The move highlights UBS's strategic initiative under Sergio Ermotti to divest parts of Credit Suisse following its government-brokered takeover a year ago, according to Bloomberg.
--UBS didn't immediately respond when contacted for comment by Dow Jones Newswires.
Full story: https://tinyurl.com/ywt8b859
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
March 21, 2024 08:45 ET (12:45 GMT)
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