Mar 21, 2022

March 21, 2022 - Advertisement - Julius Baer Group AG said Monday that it is reducing its activities in Russia, and that it isn’t taking on new clients living there since the country’s invasion of Ukraine. - Advertisement - The Swiss private bank said the net asset value of its Moscow-based advisory subsidiary stood at 400,000 Swiss francs ($429,231) at the end of 2021. “The group is reducing its local activities in line with contractual agreements, while ensuring the safety of its small number of employees,” the company said. - Advertisement - The bank said the collateral value of Russian assets was reduced to zero in February. It said it is working closely with the affected clients, and that no credit losses have resulted from this so far. Julius Baer said it has credit exposure to “a low-single-digit number” of clients who are subject to recently introduced sanctions. The credit is in the form of mortgages against residential properties in Western Europe, as well as other credit which is fully covered by liquid-assets collateral, the company said. Its market risk exposure to Russia isn’t significant, it said. Write to Cristina Roca at [email protected] ,