UBS to impose restrictions on Credit Suisse bankers after takeover completes, FT says

(Reuters) – UBS AG is set to impose tough restrictions on Credit Suisse bankers, including a ban on new clients from high-risk countries and complex financial products, the Financial Times said on Sunday, citing people with knowledge of the matter. .

Bloomberg News reported on Saturday that UBS’s emergency takeover of Credit Suisse will close on Monday.

UBS has compiled a list of nearly two dozen “red lines” that prohibit Credit Suisse staff from a range of activities, including servicing clients from countries such as Libya, Russia, Sudan and the Venezuela and the launch of new products without UBS’s approval. managers, the FT report added.

Ukrainian politicians and public companies will also be blocked to prevent possible money laundering, according to the report.

The Swiss government agreed on Friday to guarantee up to 9 billion Swiss francs ($9.96 billion) of the losses UBS may incur from the sale of its rival’s assets in excess of 5 billion francs that the lender must cover himself.

Credit Suisse declined to comment, while UBS did not immediately respond to a request for comment from Reuters.

($1 = 0.9038 Swiss francs)

(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Paul Simao)

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