Credit Suisse reveals £696m net Russia exposure
By Sean Farrell
Date: Thursday 10 Mar 2022
(Sharecast News) - Credit Suisse said it had a CHF848m (£696m) net exposure to Russia and that it was monitoring the impact on its 125 employees in the country after President Putin's invasion of Ukraine.
The net exposure at the end of December included derivatives and financing exposures at its investment bank, trade finance and wealth management loans, the bank said. The exposures have been reduced in 2022, it added.
Net assets held in Russian subsidiaries were CHF195m at the end of December. Country credit risk exposures to Ukraine and Belarus were not material, the bank said.
On 7 March the bank's credit exposures to individuals who had been sanctioned were minimal and market risk exposure to Russia was not significant on 9 March, Credit Suisse said.
The bank has an office in Moscow with about 125 people working in wealth management and investment banking. Credit Suisse said it was monitoring the situation daily and had planned for "a number of potential scenarios".
Thomas Gottstein, Credit Suisse's chief executive, said: "We condemn this invasion and the serious breaches of international law. The instability that these events are creating for societies and countries across the globe will have far-reaching consequences.
"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."
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