UBS continues to advance its strategy and the integration of Credit Suisse in the Asian region. This time numerous CS customer accounts are affected, according to a media report.
The major bank UBS wants to close bank accounts of the former Credit Suisse (CS) in the Asia-Pacific region. The affected accounts have a balance of $2 million or less, writes the news agency «Bloomberg» on Thursday, citing information from insiders.
The reason for this is apparently the low return on these small accounts. In its wealth management division, UBS manages around $3.9 billion. 17 percent stem from the Asia-Pacific region. Many of these customer accounts would be located in the two major cities of Singapore and Hong Kong, it further said.
CS: Entrepreneurs' Bank in Asia
This reflects another strategic step by UBS. The major bank wants to save 13 billion Swiss francs ($14.5 billion) in costs and wants to withdraw from certain parts of CS, according to Bloomberg. This move follows job cuts in the wealth management division in Asia.
But the CS in Asia could also be advantageous for UBS. The former CS pursued an expansion strategy into Southeast Asia and developed into a standard foreign bank for entrepreneurs abroad. This could help UBS's business in Asia, the article continues.
