Swiss banks UBS and Credit Suisse are asking their Russian customers to close accounts with low balances, a magazine report suggests. The two banks deny applying such a practice.
UBS and Credit Suisse, the Swiss banking heavyweights, are not holding back when dealing with their Russian clients. Customers with less than $5 million on their account are asked to close them, a banker told «Forbes Russia» (by subscription only).
Clients who ignore the demand from their banks are liable to pay monthly fees of as much as 1,000 francs, according to the story. Many customers have been forced to pay thousands, because the banks send their advice to addresses in Switzerland and these letterboxes are rarely emptied, according to a banker cited in the story.
Swiss Banks Deny Allegation
Both banks deny applying such a practice. Ilya Solaryev, head of UBS Wealth Management Russia, said that the bank didn't demand the closure of accounts and hadn't changed its fee structure.
Credit Suisse told finews.ch that the bank didn't liquidate accounts with less than $5 million and didn't charge extra for them either.
Should the banks have stiffened their approach nonetheless, it may have political reasons as the U.S. imposed sanctions on Russia following its annexation of the Crimea. Recent experiences with the U.S. justice system fresh in mind, Swiss banks may adopt a more careful stance in conjunction with customers living in Russia.
