Russian c-bank annuls UBS Bank’s dealer license
The Central Bank of the Russian Federation today published a brief notice regarding the dealer license of UBS Bank.
The Central Bank announces that it is annulling the dealer license of UBS Bank because the company has 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.
In March 2006, UBS Bank, a Russian subsidiary of UBS AG, was registered. In June 2006, UBS Bank secured a Russian license for banking operations. In August 2010, UBS Bank secured a Russian license for accepting deposits in foreign currencies.
UBS Bank’s dealer license (№ 177-12408-010000) was issued by the Central Bank back in July 2009.