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Report: Credit Suisse to shut onshore booking platform in Russia

willclose its onshore booking platform for its private banking business in Russia, Forbes reported July 11, citing thelender.

Thebank will continue providing advisory services for private banking customers inRussia but without onshore booking.

"CreditSuisse will retain its banking license and will continue to offer onshorebanking services to its international and local institutional, corporate andfinancial clients through the investment banking unit in Russia," Forbes cited the lender as saying.

Thebank took the decision in May and began informing clients in June, the reportnoted, adding that the decision will have only a minimal effect on the Russianstaff. It will also affect only a small number of Credit Suisse clients, whowill have to transfer their assets in Switzerland to retain full access toservices.

Asource close to the bank told Forbesthat the decision to close the onshore booking platform is not connected withthe deterioration of the economic situation in the country, but rather aresponse to the needs of the lender's customers, the majority of whom keepfunds abroad.

CreditSuisse is present in Russia via JSC Bank Credit Suisse (Moscow).