SHANGHAI/HONG KONG (Reuters) – Credit Suisse Group AG has asked its staff to inform clients that plans for its investment banking business will be communicated in due course as details of its acquisition by UBS Group was still being worked out, according to an internal memo.
Credit Suisse told staff its wealth clients’ assets are legally and operationally separated from UBS for now, but once that changes they may want to consider moving some assets to another bank if concentration was a concern, the memo said.
The memo gave talking points to Credit Suisse staff for client conversations.
“We do not expect there to be any disruption to client services. We are fully focused on ensuring a smooth transition and seamless experience for our valued clients and customers,” a Credit Suisse spokesperson said.
(Reporting by Engen Tham and Julie Zhu; additional reporting by Scott Murdoch; Editing by Sumeet Chatterjee and Himani Sarkar)
