UBS to Close Thousands of Smaller-Value Credit Suisse Accounts in Asia, Bloomberg Reports

--UBS Group intends to shut a few thousand smaller-value Credit Suisse accounts at its Asia Pacific wealth-management arm to discontinue relationships with poor returns, Bloomberg reports, citing unnamed sources.

--The Swiss lender is assessing accounts holding around $2 million or less, many of which are situated in Singapore and Hong Kong, Bloomberg says.

--The move highlights UBS's strategic initiative under Sergio Ermotti to divest parts of Credit Suisse following its government-brokered takeover a year ago, according to Bloomberg.

--UBS didn't immediately respond when contacted for comment by Dow Jones Newswires.

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(END) Dow Jones Newswires

03-21-24 0845ET