Credit Suisse Scaling Bank Russia Presence: Sanctions Update
3/29/2022
Bloomberg reports that Credit Suisse Group AG has stopped pursuing new business in Russia and is helping its clients unwind their Russia exposure.
On March 15, Credit Suisse Chief Executive Officer Thomas Gottstein had said the bank was reviewing its exposure to Russia but for now, was remaining in the country. ““We will have to see now over the next few months what this all means for our operation in Russia,” Gottstein said. “I have not taken any decisions on that.”
But on Monday, the bank confirmed it has moved roles out of the country and is assisting employees to relocate elsewhere.
According to Financial Advisor, Credit Suisse had reported “it had an exposure of 848 million francs ($906 million) to Russia at the end of last year and about 125 employees there. About 4% of assets in the wealth management unit were with Russian clients, the bank has said.”
As Fortune noted, “Credit Suisse has been in the hot seat this past month after telling investors to ‘destroy and permanently erase’ documents related to loans backed by ‘jets, yachts, real estate and/or financial assets’ of Russian oligarchs.”
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- Western Sanctions on Russia Lead to Talks of a Crypto Clampdown (Financial Times)
- Mizuho: Russian Debt Adds to Credit Challenge for Softbank’s Big Backer (Financial Times)