UBS expands presence in Russia

Yesterday, UBS announced that it has received a banking licence from the Central Bank of Russia. In line with its one-firm approach, UBS plans to offer wealth management, asset management, Rouble fixed income and foreign exchange services to supplement its leading existing Russian operations in equities and investment banking.

UBS opened a representative office in Moscow in 1996, and entered in a joint venture with Brunswick in 1997. In 2004, UBS purchased the remaining stake in the joint venture, and re-branded the business as UBS in 2005.


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