06:30 AM EDT, 03/22/2024 (MT Newswires) -- (Updates with response from UBS in the last paragraph.)

UBS (UBS) plans to close thousands of small former Credit Suisse accounts at its Asia-Pacific wealth management arm, people familiar with the matter told Bloomberg News.

The lender is scrutinizing accounts with balances of $2 million or less, many of them in Singapore and Hong Kong, Bloomberg reported.

The lower-value accounts generate smaller returns that make them less lucrative, Bloomberg reported unnamed sources as saying.

The reported weeding out of accounts follows UBS's 2023 takeover of Credit Suisse after its collapse.

In an email to MT Newswires, UBS declined to comment on what it said is a "speculative piece."

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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