Credit Suisse will no longer seek new business in Russia as it reduces its exposure in response to the invasion of Ukraine.
Switzerland's second largest bank has stopped pursing new clients in Russia and is reducing its exposure in the country, Credit Suisse confirmed to finews.com Monday in email following a «Bloomberg» (behind a paywall) report.
At the end of last year Credit Suisse had a net credit exposure in Russia 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.
Additionally, Credit Suisse has moved roles out of Russia and is supporting colleagues in relocating elsewhere, it said.
