By Valentina Za

MILAN (Reuters – Many banks around the world have reacted to Ukraine’s conflict by reviewing Russia and deciding whether they should leave Russia or quickly begin the difficult task of settling their accounts there.

Although some banks may have provided an estimate of what they would be exposed to in the worst case scenario, it will take time for them to provide a better idea about the true losses.

The largest Russianexposure is held by French and Italian banks, which totaled just more than $25 billion at September’s end. Austrian banks, with $17.5 million, was second, according to Bank of International Settlements data.

U.S. bank exposure totals $14.7 billion, BIS data shows.

Here are some details about the most prominent banks.

Graphic: European banks’ exposure to Russia: https://fingfx.thomsonreuters.com/gfx/mkt/xmvjoeqdkpr/IMAGE%20MOODYS.png

EUROPEAN BANKS

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RAIFFEISEN BANK INTERNATIONAL (RBI).

RBI said that they are considering possible withdrawal from Russia. Russia is where the RBI had operated since the collapse Soviet Union. The 1.5 billion euro net profit that RBI made in 2021 from its business operations was almost three times the amount of what they received there.

The Russian branch of RBI has 2.4 billion Euros in capital. This is 18% of its consolidated equity. Russia’s 10th biggest bank by assets is it, with approximately 9,000 employees.

The total Russian exposure of the RBI was 22.85 billion Euros at the close of the last year. More than half of this amount was based on the private corporate sector.

The total amount of customer loans is 11.6 billion Euros (or 11.5%) and roubles are more than 80%.

Only 1.6 billion Euros are available for cross-border exposure with Russia. There is no parent funding in Vienna. The RBI holds loans of 2.2 billion euros to Ukrainian customers.*

SOCIETTE GENERALE

Societe Generale’s overall exposure to Russia was 18.6 billion euro at the end of 2021, or 1.7% of its total. Rosbank, its Russian subsidiary has approximately 200 branches. 12,000 employees are employed by Rosbank. This number rises to 15,000 when it includes all activities.

Rosbank holds more than 80%, which is 15.4 billion euro, and only 3.2 million euros cross-border. This includes 600 million euros in items off the balance sheet.

French bank which began Russian business in 1872 left Russia and returned in 1973. It stated that its Russian activities in 2021 made up 2.7% in group net income.

SocGen estimated that it would lose 50% of its core capital ratio if its Russian business was confiscated.

SocGen has 41% Russian exposure. 31% goes to corporations. The Russian sovereign entity exposure is 3.7 billion Euros.

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UNICREDIT

It is currently considering leaving Russia as the second largest bank in Italy. Russia has 14 banks, with over 4,000 employees.

UniCredit’s Russian operations would be written off in full, with derivatives and cross-border exposure. It will cost 7.4 billion Euros ($8.1 billion). This would bring the core capital ratio down to about 13%, from 15.03%.

UniCredit is exposed to Russian clients cross-border for 4.5 Billion Euros, net guarantee. Direct exposure to Russia is approximately 1.9 billion Euros, net of currency hedges.

The rouble could be worth up to 1 Billion Euro in derivatives losses if its value falls to zero.

UniCredit will continue to pay cash dividends in 2021, even if the worst happens. However, a planned share buyback of 2.6 billion euros is contingent on core capital remaining above 13%.

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INTESA SANPAOLO

Italy’s largest bank is currently analysing its exposure to Russia, Ukraine, and other countries. These amounts, net of all guarantees, amount to 5.1 million euros in loans, and 0.6 billion off-balancesheet items. Around 200 million euros worth of loans go to sanction-hit organizations.

Intesa is currently conducting a strategic review to its Russian presence. It serves 980 corporate clients.

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CREDIT AGRICALE

At Dec. 31, 2017, the French bank had a Russia exposure totalling 6.7 Billion Euros, 0.6% of their commercial lending portfolio.

The amount includes approximately 2.9 billion euros offshore exposure to 15 Russian large corporations. These include producers and exporters, as well as importers and exporters, of commodities. The combined equity of 376 million euro in Russia and Ukraine is held by fully-owned subsidiaries.

Credit Agricole’s (OTC:) closely monitors Russia, but is excluding any potential impact on the 2021 dividends.

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BNP PARIBAS

French bank has revealed a total exposure to Russia and Ukraine of approximately 3 billion Euros ($3.3 billion), while still adhering to previously stated 2025 financial goals.

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ING

It has loans of approximately 5.3 billion euros to Russian clients, which is 0.9% its total loan books. New sanctions have affected approximately 700 million euro.

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DEUTSCHE BANK

German Bank has announced that it will end its Russian business. This is a change from its earlier stance. At the close of 2021, Russia had a gross exposure totaling 2.9 billion euro.

There are 1.4 Billion Euros of loan exposure (0.3% on its loan books) and 1.5 Billion euros contingent risks, primarily related to undrawn engagements. Net of assets collateral and guarantees, the loan exposure amounts to 600 million Euros.

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COMMERZBANK

In recent weeks, the German lender reduced Russia’s exposure to it to 1.3 Billion Euros from 1.9 Billion.

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CREDIT SUPISSE

After disclosing about 4% of its assets being held by Russian clients, the Swiss bank has begun to review its Russian operations.

In the beginning, it only disclosed a total gross credit exposure to Russia of 1.57 billion Swiss Francs ($1.7billion) at 2021. This is 848 million less than net hedges.

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UBS

According to Switzerland’s largest bank, its direct exposure in Russia made up $634 Million of the $20.9 Billion total of emerging market exposure.

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U.S. BRANKS

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CITIGROUP

Citi, the most affected bank in America with Russia exposure at $9.8billion is among all banks. According to Citi, nearly half of its assets could be lost in the worst case scenario. This is because it accelerates withdrawal plans.

Total exposures include $8.2B in third parties and $1.6B outside the Russian entity.

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GOLDMAN SACHS JPMORGAN

Both banks said that they are currently winding down Russian operations. Goldman reported a $650 million Russia credit exposure. JPM Moscow has 160 employees.

($1 = 0.9016 euros)