June 11 (Reuters) – UBS AG (UBSG.S) is about to impose tight restrictions on Credit score Suisse (CSGN.S) bankers, together with a ban on new shoppers from high-risk nations and on complicated monetary merchandise, the Monetary Instances stated on Sunday, citing individuals with information of the matter.
Bloomberg Information reported on Saturday that the emergency takeover of Credit score Suisse by UBS will shut on Monday.
UBS has give you a listing of practically two dozen “purple traces” that prohibit Credit score Suisse workers from a spread of actions, which embrace taking up shoppers from nations comparable to Libya, Russia, Sudan and Venezuela and launching new merchandise with out approval from UBS managers, the FT report added.
Ukrainian politicians and state-owned enterprises can even be blocked to forestall potential cash laundering, the report stated.
The Swiss authorities agreed on Friday to ensure as much as 9 billion Swiss francs ($9.96 billion) of losses UBS might incur from the sale of its rival’s property past 5 billion francs the lender is because of cowl itself.
Credit score Suisse declined to remark, whereas UBS didn’t instantly reply to a Reuters request for remark.
($1 = 0.9038 Swiss francs)
Reporting by Rishabh Jaiswal in Bengaluru; enhancing by Paul Simao
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