Exclusive: Credit Suisse says some clients may want to move wealth assets after UBS deal

SHANGHAI/HONG KONG, March 20 (Reuters) – Credit score Suisse advised employees its wealth belongings are operationally separate from UBS for now, however as soon as they merged shoppers would possibly need to take into account transferring some belongings to a different financial institution if focus was a priority, in accordance with an inner memo.

The memo dated Sunday, seen by Reuters, gave speaking factors to Credit score Suisse (CSGN.S) employees for shopper conversations after a historic Swiss-backed acquisition of the troubled financial institution by UBS Group (UBSG.S).

In a package deal orchestrated by Swiss regulators on Sunday, UBS can pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit score Suisse and assume as much as $5.4 billion in losses.

UBS will turn into the undisputed international chief in managing cash for the rich by the takeover of its foremost rival, triggering some issues about focus dangers for shoppers.

Credit score Suisse additionally advised employees to tell shoppers that plans for its funding banking enterprise shall be communicated in the end as particulars of its acquisition by UBS had been nonetheless being labored out, in accordance with an inner memo.

“We don’t count on there to be any disruption to shopper companies. We’re absolutely centered on guaranteeing a clean transition and seamless expertise for our valued shoppers and prospects,” a Credit score Suisse spokesperson mentioned.

Credit score Suisse can be going forward with its annual Asia Funding Convention in Hong Kong, beginning on Tuesday, the spokesperson mentioned, in response to Reuters’ request for touch upon the interior memo.

Reporting by Engen Tham and Julie Zhu; further reporting by Scott Murdoch; Modifying by Sumeet Chatterjee, Himani Sarkar and Jamie Freed

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