UNCRY - Credit Suisse to assess Russia wealth management business - Bloomberg

Credit Suisse (NYSE:CS) on Tuesday indicated that the lender will review its wealth management business in Russia and Eastern Europe, Bloomberg reported, citing the bank's CEO, Thomas Gottstein, at a Morgan Stanley conference. The bank has not yet made any decisions on the matter, Bloomberg highlighted. “We are going to exit sub-Saharan Africa and together with Francesco de Ferrari, our new CEO for wealth management, we are looking at some other wealth management markets in emerging markets,” Gottstein noted. “We’ll obviously also now have to look at Russia and Eastern Europe,” he added. Gottstein's remarks came shortly after Italian lender UniCredit (OTCPK:UNCFF) (OTCPK:UNCRY) said it's looking to exit Russia amid the country's invasion of Ukraine. Previously, (March 10) Credit Suisse disclosed $1B exposure to Russia.

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Credit Suisse to assess Russia wealth management business - Bloomberg