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Credit Suisse became the latest bank to describe its Russian risk on Thursday, detailing total credit exposure of 1.6 billion Swiss francs ($1.7 billion) at the end of 2021.
The lender said this included derivatives and funding exposures in its investment bank, trade finance exposures in its Swiss national bank and loans in its wealth management business. He added that after taking into account hedges, guarantees, insurance and guarantees, his net risk exposure was 848 million Swiss francs.
Additionally, Credit Suisse said its Russian subsidiaries held 195 million Swiss francs in assets.
Without providing details, the bank said it had “minimum total credit exposures to specifically sanctioned individuals” in its wealth management business, which has historically been a preferred lender to wealthy Russians.
“In purely financial terms, we have reviewed our positions and believe that the bank’s exposure to Russia is well managed, with appropriate systems in place to deal with the associated risks,” Thomas Gottstein said. , CEO of Credit Suisse.
“The current environment means making tough decisions and dealing with difficult situations, but always with a clear sense of perspective and a desire to do the right thing.
On Monday, Swiss bank UBS said it had around $200 million of exposure to Russian assets used as collateral in Lombard loans, which are loans secured by a portfolio of liquid assets like stocks and bonds, and other secured financing.
By comparison, Austria’s Raiffeisen reported direct exposure to Russia of 22.9 billion euros ($24.9 billion), while Societe Generale and France’s Credit Agricole reported 18.6 billion respectively. ‘ and 4.9 billion euros of exposure, and ING of the Netherlands declared 6.7 billion euros.