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Wednesday, October 5, 2022

Ukraine war latest: Russian and Ukrainian foreign ministers meeting in Turkey

Credit Suisse on Thursday became the latest bank to outlive its Russian exposure, detailing a total credit exposure of SFr1.6bn ($1.7bn) at the end of 2021.

The lender said this includes derivatives and financing exposure at its investment bank, trade finance exposure at its domestic Swiss bank and loans in its money business. It added that taking into account hedges, guarantees, insurance and collateral, its net risk exposure was SFr848mn.

In addition, Credit Suisse said that its Russian subsidiaries have SFr195mn assets.

Without providing details, the bank said its wealth management business had “minimum total credit risk specifically towards approved individuals,” which has historically been a preferred lender for wealthy Russians.

Thomas Gottstein, chief executive of Credit Suisse, said: “In a purely financial context, we have reviewed our position and believe the bank’s exposure to Russia is well managed, including to address the associated risks.” There are suitable systems.”

“The current environment means making difficult decisions and managing through challenging situations, but always with a clear vision and a willingness to do the right thing.

On Monday, fellow Swiss bank UBS said it had about $200 million at risk for Russian assets used as collateral in lending Lombard, against a portfolio of liquid assets such as equities and bonds and other secure financing. There are secured loans.

By comparison, Austria’s Raiffeisen reported a direct risk of €22.9bn ($24.9bn) to Russia, while France’s Société Générale and Crédit Agricole reported a risk of €18.6bn and €4.9bn, respectively, and ING of the Netherlands reported €6.7bn.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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