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Monday 7th of March 2022 04:29:19 AM

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

Economy sanctions. Inscription sanctions on Russia flag. Standart/iStock via Getty Images
  • 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) had no material direct country risk exposures to Ukraine or to Belarus as of Dec. 31, 2021, and no material reliance on Ukrainian or to Belarusian collateral within its Lombard portfolio.
  • UBS (UBS) stock is falling 3.5% in premarket trading in New York, but so is Swiss rival Credit Suisse (NYSE:CS), also down 3.5%. German lender Deutsche Bank (NYSE:DB) shares are down 2.2%.
  • Previously (March 4), Citigroup (NYSE:C) expected to write down $100M on Russian FICC exposure

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