Referencing Forbes, Lenta.ru reports that Credit Suisse plans to close its private banking department in Russia.  The bank’s private banking clients in the country will have to move their assets to Switzerland if they wish to continue using respective services.
Forbes quoted a Swiss banker who compared private banking in Russia to driving a Rolls-Royce in a jungle, and major banks in the country were obviously struggling to cover the costs of their private banking departments.  Deutsche Bank closed its private banking operations in Russia in 2015, quoting global reorganization and cost cutting as the motivation.
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