UBS Global Wealth Management has decided to discontinue its onshore wealth management business in Thailand inherited from its takeover of Credit Suisse.
Clients would be asked to choose between transferring their assets to UBS’s wealth management offshore business in Singapore or working with an alternative intermediary in Thailand.
Reportedly, UBS will continue to operate Credit Suisse’s private banking businesses in India and Australia.
The Swiss bank reviewed its global operations following its merger with rival bank Credit Suisse, which resulted in a consolidation of business in two regional hubs in Hong Kong and Singapore and a downsizing in other Asian markets, such as Thailand.
About 10 private bankers will be affected by the decision to discontinue this business, although the assets under management have not been disclosed.
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