ZURICH: Around 4% of the assets Credit Suisse manages in wealth management belong to Russian clients, Chief Executive Thomas Gottstein said on Tuesday.

“We have roughly 4% of our assets under management in wealth management with Russian clients, (either) Russian-domiciled or Russian nationals who live in the West,” Gottstein said at the Morgan Stanley Conference in London.

Credit Suisse last week detailed a gross credit exposure of 1.569 billion Swiss francs ($1.69 billion) to Russia at end-2021, which Gottstein said had been “reduced materially” by the end of February.

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The bank had not previously detailed the amount of assets it manages for Russian clients.