BPCE: 'very limited' exposure to Russia and Ukraine

(CercleFinance.com) - French banking group BPCE said on Monday that its exposure to Russia and Ukraine was "very limited" as the war between the two countries continues to rage.


In a statement, BPCE said its net banking exposure to Russia currently stands at 788 million euros and to Ukraine at 63 million euros.

The group specifies that its exposure to Russia corresponds mainly to financing activities, for 733 million euros, i.e. 93% of the total.

The institution therefore mentions "very limited" exposures in view of the 889 billion euros of gross outstanding loans and receivables that it had at the end of 2021.

In asset management on behalf of clients, the exposure of its subsidiary Natixis Investment Managers corresponds mainly to investments in bonds issued by the Russian government, up to 302 million euros, and represents 97 million euros for Ukraine.

Once again, this figure should be compared with assets under management which amounted to 1,259 billion euros at the end of 2021, which represents "very insignificant" positions, BPCE said.

It added that it will "rigorously" comply with regulations in force and implement the necessary measures to strictly apply international sanctions as soon as they are announced.



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