Credit Suisse’s go-to banker for Russian billionaires has joined UBS Group AG, in one of the highest-profile moves yet for the merged bank’s wealth management business.
Babak Dastmaltschi is working at a new unit in UBS’s wealth division that regroups an elite crop of senior private bankers from both UBS and Credit Suisse who handle some of the most important client relationships, according to people familiar with the move who didn’t want to be named discussing personnel moves.
Both banks completely shut down their Russia-related operations after more sanctions were imposed in February 2022 over Russia’s invasion of Ukraine.Dastmaltschi was for many years at Credit Suisse the go-to guy for some of the most prominent oligarchs deemed to be close to the Kremlin who were later sanctioned, including Alisher Usmanov, Roman Abramovich and Viktor Vekselberg.
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