UBS - UBS discloses $200M exposure to Russian assets through secured financing

UBS (NYSE:UBS) had ~$200M exposure related to Russian assets used as collateral for loans and other secured financing in its Global Wealth Management unit, the Swiss bank said in its annual report. It also had a small number of Global Wealth Management clients that are subject to recently introduced sanctions, with total loans outstanding of less than $10M. At the end of 2021, UBS (UBS) said its direct country risk exposure to Russia accounted for $634M of its total emerging market exposure of $20.9B. That figure of Russian risk has been reduced since then, the bank said. The number includes trade finance exposures in Personal & Corporate Banking, a single loan  in the Investment Bank with a non-Russian entity with key facilities spread globally including Russia and the Commonwealth of Independent States, cash account balances, issuer risk on trading inventory within the Investment Bank, and derivatives within the Investment Bank. UBS (UBS)

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UBS discloses $200M exposure to Russian assets through secured financing