Credit Suisse is planning to shut down its private banking unit in Russia and redirect client accounts to Switzerland. While the bank will continue to operate in the country, its range of private services for wealthy clients will be limited to investment advice. Customers who want to continue private banking will have to move their accounts to Switzerland. Credit Suisse said the move is a part of its international business policy with products and services constantly changing for higher efficiency. The bank said it will keep its banking license and continue to offer onshore banking services for international and local institutional, corporate and financial clientele via its Russian investment banking unit. The changes may have a minor impact on the bank’s employees in the country.
