Credit Suisse reports end-2021 exposure to Russia of $914 mln (updated)
10/03/2022 07:16
(Adds detail)
ZURICH, March 10 (Reuters) - Credit Suisse CSGN.S on
Thursday reported it had a net credit exposure to Russia of 848
million Swiss francs ($914 million) at the end of 2021 while it
held net assets of 195 million francs in Russian subsidiaries.
Its year-end exposure included derivatives and financing
exposures in its investment bank, trade finance exposures in its
Swiss business and Lombard loans and other lending to wealthy
customers via its International Wealth Management business.
"These net exposures have been reduced since the end of
2021," it said without elaborating.
Country credit risk exposures to Ukraine or to Belarus were
"not material" as of the end of 2021.
"As of March 7, 2022, we had minimal total credit exposures
towards specifically sanctioned individuals managed by our
Wealth Management division," it added https://www.credit-suisse.com/about-us-news/en/articles/media-releases/csg-update-russia-202203.html
in a statement that condemned Russia's invasion of Ukraine.
"While we do not have a physical presence in Ukraine, we are
committed to providing support to our colleagues and their
families within the region," CEO Thomas Gottstein said.
"In purely financial terms, we have reviewed our positions
and believe that the bank's exposure in relation to Russia is
well-managed, with appropriate systems in place to address
associated risks," the bank said in a statement.
Italy's UniCredit and France's BNP Paribas were the latest
banks to set out their Russian exposures, warning of billions of
euros in potential costs from the financial fallout from
Moscow's invasion of Ukraine. urn:newsml:reuters.com:*:nL2N2VC11F
Credit Suisse rival UBS's UBSG.S direct exposure to Russia
made up $634 million of its total emerging market exposure of
$20.9 billion at the end of 2021, the bank said on Monday.
urn:newsml:reuters.com:*:nL2N2VA0HW
($1 = 0.9278 Swiss francs)
(Reporting by Michael Shields and Emma Thomasson; editing by
Jason Neely)
((Michael.Shields@thomsonreuters.com; +41 41 528 3630; Reuters
Messaging: michael.shields.thomsonreuters.com@reuters.net))