UBS to stick it out in Russia

UBS will maintain its presence in Russia even as competitors retreat as it bets that deals will start to recover, according to the bank’s top executive for the country.

Bloomberg News reports that UBS has no plans to cut jobs in its investment banking and wealth-management businesses in Russia and is 'seriously considering' hiring former employees of Deutsche Bank, which cut jobs last month, Elena Titova, chief executive officer of UBS’s Russian unit, said in an interview.

'Clients appreciate when banks stay with them, even if they can’t work properly due to sanctions' against the country, Titova said in Moscow on September 28. 'Such consistency with time turns into income'.

UBS organized its last public Eurobond sale a year ago, Titova said. Although there are a number of deals in the pipeline, including an IPO, they are unlikely to happen until the second half of 2016, she estimated.

To access the complete Bloomberg News article hit the link below:

UBS Sticking Around in Russia in Bet on Long-Term Deal Recovery

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