UBS to impose restrictions on Credit Suisse bankers after takeover complete, FT says (updated)

Credit Suisse AG

11/06/2023 21:30

(Adds details from FT report in paragraphs 3-4, adds background
in paragraph 5)
       June 11 (Reuters) - UBS AG  UBSG.S  is set to impose
tight restrictions on Credit Suisse  CSGN.S  bankers, including
a ban on new clients from high-risk countries and on complex
financial products, the Financial Times said on Sunday, citing
people with knowledge of the matter.
    Bloomberg News reported on Saturday that the emergency
takeover of Credit Suisse by UBS will close on Monday.
    UBS has come up with a list of nearly two dozen "red lines"
that prohibit Credit Suisse staff from a range of activities,
which include taking on clients from countries such as Libya,
Russia, Sudan and Venezuela and launching new products without
approval from UBS managers, the FT report added.
        Ukrainian politicians and state-owned enterprises will
also be blocked to prevent potential money laundering, the
report said.
  
        The 
    Swiss government agreed
     on Friday to guarantee up to 9 billion Swiss francs ($9.96
billion) of losses UBS may incur from the sale of its rival's
assets beyond 5 billion francs the lender is due to cover
itself.
  
        Credit Suisse declined to comment, while UBS did not
immediately respond to a Reuters request for comment.
  



($1 = 0.9038 Swiss francs)

 (Reporting by Rishabh Jaiswal in Bengaluru; editing by Paul
Simao)
 ((rishabh.jaiswal@thomsonreuters.com;))