UBS to close smaller Credit Suisse accounts in Asia Pacific

UBS Group AG plans to close thousands of smaller Credit Suisse accounts in its Asia Pacific wealth management arm, targeting those with balances of USD2m or less, mainly in Singapore and Hong Kong. This decision is part of UBS’s strategy to focus on more profitable relationships following its USD3.4bn acquisition of Credit Suisse. The consolidation reflects UBS’s larger strategy under CEO Sergio Ermotti to streamline operations and cut costs, aiming for USD13bn in savings. The move also comes amid a challenging economic landscape in Asia, particularly due to a downturn in China, affecting transaction volumes. UBS, holding about USD3.9tr in assets with 17% in Asia-Pacific, aims to maintain relationships with higher-value clients for better returns.