Credit Suisse Group AG stopped looking for new business in Russia and started reducing its exposure to that country as a result of the Russian invasion of Ukraine, international media reported on Monday.
The Swiss bank began to help its clients get rid of their exposure to Russia, said the Bloomberg agency, which on Monday revealed the content of an internal document from the financial institution.
The bank added that it has moved roles out of the country and is helping employees relocate elsewhere.
In this way, Credit Suisse joins a growing list of lenders that are withdrawing from Russia altogether or reducing their business, in response to the ongoing military attack on the neighboring country.
CEO Thomas Gottsteinsaid on March 15 that the bank has “very well managed risk management around the situation.”
The Zurich-based bank disclosed earlier this month that it had an 848 million franc ($906 million) exposure to Russia at the end of last year and around 125 employees there.
The lender is struggling to emerge from a series of scandals that in 2021 caused multimillion-dollar losses.
Around 4% of the assets managed by the Swiss bank’s wealth management arm were with Russian clients.either in the country or living abroad.
The bank said its net credit exposure includes derivatives and financial exposures at the investment bank, commercial financial exposures at Swiss Universal Bank and Lombard and other loans at international wealth management.
These net exposures have been reduced since the end of 2021.
Meanwhile, Credit Suisse said it is applying all sanctions, particularly those issued by the European Union (EU), the United Kingdom, the United States and Switzerland.
