Swiss private banking giant UBS has reportedly decided to shrink its wealth-management business in Moscow.

By closing the office that serves clients who deposit their funds offshore, the firm will stop marketing its money-management services but the bank’s advisory unit, OOO UBS Bank, will continue to serve customers in Moscow, according to Bloomberg.

The move is the result of a new law implemented in Russia to boost transparency on assets abroad allowing the taxation of profits on funds held outside the country.

In September last year, UBS decided to shut its Dubai representative office and move the operations to Abu Dhabi.

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By GlobalData