Julius Baer Group announced that it is reducing its activities in Russia and that it is not taking on new customers living there, after the invasion of the country in Ukraine.
The Swiss private bank stated that the net worth of its subsidiary in Russia at the end of 2021 amounted to 400,000 Swiss francs ($ 429,231).
“The group reduces its local (Russian) activities under contractual arrangements, while ensuring the safety of its small number of employees,” said Julius Baer.
The bank stressed that the collateral value of Russian assets fell to zero in February.
He stated that he is working closely with the affected customers and that so far no credit loss has been incurred by it.
Julius Baer said it had a credit report to “low single digit customers” who were subject to sanctions.
The credit is in the form of mortgages to homes in Western Europe, as well as other loans that are fully covered by liquid collateral.
Source: Capital
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