Credit Suisse became the latest bank to outline its Russian risk on Thursday, detailing a total credit exposure of SFr1.6bn ($ 1.7bn) at the end of 2021.
The lender said this included derivatives and financing exposures in its investment bank, trade finance exposures in its domestic Swiss bank and loans in its wealth business. It added that after taking into account hedges, guarantees, insurance and collateral, its net risk exposure was SFr848mn.
In addition, Credit Suisse said its Russian subsidiaries held SFr195mn of assets.
Without providing details, the bank said it had “minimal total credit exposures towards specifically sanctioned individuals” in its wealth management business, which historically has been a favored lender for rich Russians.
“In purely financial terms, we have reviewed our positions and believe that the bank’s exposure in relation to Russia is well-managed, with appropriate systems in place to address associated risks,” said Thomas Gottstein, Credit Suisse chief executive.
“The current environment means making difficult decisions and managing through challenging situations, but always with a clear sense of perspective and the desire to do the right thing.
On Monday, fellow Swiss bank UBS said it had around $ 200mn of exposure to Russian assets used as collateral in Lombard lending, which are loans secured against a portfolio of liquid assets like equities and bonds, and other secured financing.
By comparison, Austria’s Raiffeisen reported a direct exposure to Russia of € 22.9bn ($ 24.9bn) while France’s Société Générale and Crédit Agricole reported € 18.6bn and € 4.9bn of exposure, respectively, and ING of the Netherlands reported € 6.7bn.