The central bank of Russia has awarded license to the Russian unit of UBS for retail deposits, clearing the way to venture into Russian retail banking sector.

The regulatory approval will allow UBS to accept deposits in Roubles and other foreign currencies and to become a member of Russia’s deposit insurance scheme.

Currently, UBS provides only wealth management, corporate and investment banking services in Russia.

Very recently, UBS hired Nick Jordan, former Nomura executive, as head of its operations in Russia.

According to Reuters, Russia has over 1,000 banks, but majority of the population uses only few limited services, which makes it a potentially attractive market for investors.

UBS is a diversified global financial services company with its main headquarters in Basel and Zurich, Switzerland. UBS is present in all major financial centers worldwide. It has offices in over 50 countries.