Swiss bank moves from regional investment-banking-only focus in ex-U.S.S.R.. The Central Bank of Russia has given Zurich-based UBS the go-ahead to expand operations in the Motherland.

“As a top-tier firm in wealth management, asset management and investment banking, this represents a substantial long-term commitment by UBS to the Russian market,” says Kurt Schmid, designated CEO of UBS Russia. “We expect this move to leverage our existing global strength to benefit all of UBS’s clients.”

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Pretty basic

It isn’t exactly UBS’ first step in the market though. A representative UBS office has been doing business in Moscow since 1996, and in 1997 it entered into an investment-banking joint venture with Brunswick Securities, a Moscow-based firm.

In 2004, UBS bought out Brunswick’s share to further strengthen its presence in Russia.

Now with its newfound operating freedom, UBS will plans to offer “wealth management, asset management, rouble-based fixed-income and foreign-exchange services to supplement its leading existing Russian operations in equities and investment banking,” according to a UBS press release.

UBS has been ranging around the globe vacuuming up private assets for the past decade, more than offsetting losses in a shrinking domestic market in the face of Switzerland’s diminishing role as a private-banking haven. –FWR

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