ZURICH, March 10 (Reuters) – Swiss credit CSGN.S had a net credit exposure to Russia totaling 848 million Swiss francs ($914 million) and 195 million in net assets held in Russian subsidiaries, the Swiss bank’s 2021 annual report revealed on Thursday.
“In purely financial terms, we have reviewed our positions and believe the bank’s exposure to Russia is well managed, with appropriate systems in place to deal with the associated risks,” the bank said. in a press release.
Italy’s UniCredit and France’s BNP Paribas were the latest banks to expose their exposures to Russia, warning of billions of euros in potential costs from the financial fallout from Moscow’s invasion of Ukraine.
Rival UBS UBSG.S direct exposure to Russia accounted for $634 million of the Swiss bank’s total exposure to emerging markets of $20.9 billion at the end of 2021, the bank said in its annual report on Monday.
($1 = 0.9278 Swiss francs)
(Reporting by Michael Shields and Emma Thomasson)
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