According to Ali Zahed, president, CSFBdirect-eUnion, the Dubai-based brokerage entity established to service Middle Eastern customers will cease operations on June 28. Many of CSFBdirect-eUnion’s customers traded from Saudi Arabia. The closure came as a result of a decision made by CSFBdirect-eUnion’s parent, Credit Suisse First Boston to exit the retail online brokerage business. As of the close of business on June 14, CSFBdirect-eUnion’s users were no longer be able to execute any transactions in their accounts. CSFBdirect-eUnion’s account holders are being requested to transfer their assets to another brokerage firm or liquidate them no later than June 28. On all accounts where action is not taken by June 28, CSFBdirect-eUnion will liquidate market positions, margin balances will be covered and a check and/or securities will be mailed to the address of record. For further information contact the CSFBdirect-eUnion’s office in Dubai on +971-4-391-2020 or send an e-mail to [email protected].
