Yu Bi Es Bank

"Yu Bi Es Bank" was registered by the Bank of Russia as a credit institution on March 9, 2006 under number 3463 in the Book of State Registration of Credit Institutions. In August 2010, Yu Bi Es Bank LLC received a license from the Bank of Russia to raise funds from individuals in rubles and foreign currency.

History

2023: The court, at the request of Zenit Bank, arrested the shares of Credit Suisse and UBS subsidiaries in the Russian Federation

The court, at the request of Zenit Bank, arrested the shares of Credit Suisse and UBS subsidiaries in the Russian Federation. This became known in mid-August 2023. Read more here.

2022: The Central Bank revoked the license of a securities market participant from the Russian subsidiary UBS and canceled the license for depository activities

In early November 2022, it became known about the revocation of the license of a securities market participant from the Russian subsidiary of the Swiss group UBS.

The Central Bank canceled the license of a professional participant in the securities market at Yu Bi Es Bank. The regulator made a decision "on the basis of a statement" by the bank - it entered into force on November 2, 2022.

Central Bank revoked the license from Yu Bi Es Bank

The head of the analytical department of the bank BKF Maxim Osadchy in a comment to RIA Novosti noted that there were no statements from the bank about the sale of business in the Russian Federation. Yu Bi Es Bank played mainly the role of a representative office in Russia, but serious business with Russian clients was carried out in Zurich, he said.

UBS Bank is the largest Swiss bank and the largest privat bank in the world. Since the beginning of the year, the bank has stopped doing new business in Russia or with customers living in Russia. Since the beginning of the year, the bank has been actively curtailing its business in Russia, Osadchy added.

UBS CEO Axel Weber in March 2022 in an interview with Bloomberg said that UBS has already "radically reduced ties with Russia in terms of both collateral and customers" since January. In his personal opinion, which he expressed then, there is no future for business in Russia in any case.

According to Frank Media, at the end of the third quarter of 2022, 0.3% of the assets at the disposal of the private capital management unit (Global Wealth Management, GWM) UBS belonged to Russian citizens who do not have the presidency of countries belonging to the European Economic Area (EEA), or Switzerland (such individuals are prohibited from holding more than 100 thousand euros in European and Swiss banks). In total, Global Wealth Management managed 2.655 trillion euros, thus, Russians accounted for about 8 billion euros under the management of UBS.^[1]

At the end of December 2022, the Bank of Russia canceled the license from the daughter of the Swiss UBS, the regulator said in a statement. The license for depository activities was canceled on the basis of the application.

2006: Registered with Yu Bi Es Bank

In March 2006, Yu Bi Es Bank LLC, a Russian subsidiary of UBS AG, was registered.

2004: Conversion to "U B Es Securities"

In December 2004, UBS bought Brunswick's stake in the joint venture and transformed it into CJSC U B ES Securities, its 100% Russian subsidiary.

1997: Creation of "Branswick U B ES Warburg"

In 1997, UBS established a joint venture with the Brunswick Capital group operating on the Russian market to provide investment banking services - ZAO Branswik Yu Bi Es Varburg.

1996: UBS representative office opened in Moscow

UBS is one of the first foreign banks to start operating in the Russian market. In 1996, a representative office was officially opened in Moscow.