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UBS secures Russia banking license

Swiss financial giant UBS has announced that it has secured a license allowing it to provide a full range of banking services and operations in Russia.

The license, granted by the Central Bank of Russia, will allow the Zurich-based bank to add to its existing investment banking operations in the country, providing off-shore private banking and asset management services in addition.

The move is a significant step for UBS's plans for expansion in Russia, with the bank claiming that they were planning to remain for the long-term.

"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," UBS said in a statement.

UBS first entered the Russian market ten years ago, setting up its first branch in Moscow in 1996.

Since then it has built up an extensive investment banking business under the name of UBS Brunswick – a joint venture company now wholly owned by the Swiss bank.