Credit Suisse “frozen” assets of 10.4 billion francs ($ 10.63 billion) of its wealthy customers in the first quarter, as part of sanctions imposed in connection with Russia’s invasion of Ukraine.
The Swiss bank’s financial report provided more details on the first quarter results, which were originally published last week.
“In the first quarter, 10.4 billion francs in assets under management were placed under custody due to sanctions,” Credit Suisse told the asset management department.
The bank also noted that its Russian clients now own less than 4% of the assets under management in the wealth management unit.
Credit Suisse also announced that gross impaired loans had increased by 230 million francs by the end of 2021, in wealth management.
He stressed that this is mainly due to the financing of aircraft and yachts, the financing of exports and European mortgages, which was partially offset by a reduction in ship financing.
“The increase in impaired loans includes the adverse effects of Russia’s invasion of Ukraine and sanctions,” the bank added.
He added that he “continuously assesses the impact of the sanctions already imposed, the countermeasures of the Russian government and possible future escalation, in our report and in customer relations.”
Source: Capital
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