The Central Bank of Russia today announces that it has annulled the broker and dealer licenses of Credit Suisse Securities (Moscow) LLC.

The regulator explains that the decision regarding the licenses was made today. It reflects an application by the company, which voluntarily renounced its licenses.

Let’s recall that, in December 2020, the Central Bank announced that it was annulling the dealer license of UBS Bank because the company had not exercised dealer activities for more than 18 months.

UBS is one of the first foreign banks to become present in Russia. In 1996, the company set up its official branch in Moscow. One year later UBS, along with Brunswick Capital, established a joint venture for investment banking services. In December 2014, UBS bought out Brunswick’s stake in the JV and restructured it as UBS Securities, turning it into its wholly owned Russian subsidiary.