Credit Suisse's chair and CEO comment on the situation in Ukraine and share details on the bank's exposure to Russia.
«We are all deeply saddened by the humanitarian crisis unfolding in Ukraine and as a firm stand united with the international community in supporting those impacted by this crisis,» CEO Thomas Gottstein and chair Axel Lehmann said in the bank's annual statement Thursday.
Credit Suisse is assessing the impact of the sanctions already imposed, as well as potential future escalations, on its exposures and client relationships and has reduced come exposure since the start of 2022, the report said.
Sanctioned Russian Clients
By March 7 credit exposure to sanctioned individuals in its wealth management was «minimal,» it said, adding that exposure could grow in case additional sanctions or other actions are enforced which could limit the bank’s ability to settle existing transactions or realize on collateral.
At the end of last year Credit Suisse had a net credit exposure of around 0.8 billion Swiss francs ($0.86 billion) via its investment bank, its Swiss universal bank and its international wealth management, it said. The net asset value of its Russian subsidiaries was around 0.2 billion francs.
