During its general meeting of shareholders, Swiss-based investment house Vontobel said that it decided to terminate business with clients in Russia.
The proportion of assets under management (AUMs) by clients residing in Russia is very small when compared to Vontobel’s total AUM, the bank's CEO Zeno Staub said at this year's annual general meeting Tuesday in Zurich. The termination of those clients has been decided since 2022, following the international sanctions against the country due to the war in Ukraine, he added.
Aside from Russia, Vontobel also decided in 2022 to exit its business with private clients in Hong Kong, as finews.asia reported in July. This move was a result of a critical review of its entire business portfolio. «We took measures to streamline it,» Staub said.
The decision was related to Vontobel’s cost management in response to deteriorating market conditions. Through these various measures, Vontobel was able to lower operating expenses in 2022, Staub said.
