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Credit Suisse says moving client assets out of UK is not 'house view'

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By Reuters
Credit Suisse says moving client assets out of UK is not 'house view'
FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva, Switzerland, October 17, 2017. REUTERS/Denis Balibouse/File Photo   -   Copyright  Denis Balibouse(Reuters)

ZURICH (Reuters) – Credit Suisse <CSGN.S> said on Tuesday that its official position is not to advise clients to move assets out of Britain ahead of Brexit, after the Financial Times reported that its London wealth managers had suggested their top customers do so.

“Credit Suisse does not currently hold a house view that clients should move assets out of the UK due to Brexit or other political developments in the UK,” a spokesman for the Zurich-based Swiss bank said in a statement emailed to Reuters.

The FT reported that the bank’s wealth managers in London had contacted clients to advise them to accelerate moving assets offshore after British Prime Minister Theresa May last week delayed a vote on her deal to leave the European Union.

May said on Monday she would bring the deal back to parliament for a mid-January vote that could oblige lawmakers to make a decision between her deal or leaving without one on March 29, a nightmare scenario for many businesses.

(Reporting by Oliver Hirt and Silke Koltrowitz; Editing by Alexander Smith)