Credit Suisse has stopped pursuing new client business in Russia

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FILE PHOTO: FILE PHOTO: Logo of Credit Suisse is seen in Zurich

ZURICH (Reuters) – Credit Suisse stopped pursuing new business in Russia after the invasion of Ukraine on Feb. 24, the Swiss bank said on Monday in an internal document seen by Reuters.

According to the document, Credit Suisse has been striving to reduce its business contacts with Russia, helping clients limit their own exposure to the country and transferring employees to other locations.

It confirmed roughly 4% of assets under management in its wealth management unit belonged to Russian clients.

(Reporting by Silke Koltrowitz and Oliver Hirt; Editing by Zuzanna Szymanska)