Sir Antonio Horta-Osorio
(Picture: Getty Images)CREDIT SUISSE today revealed a £1.3 billion exposure to Russia, the latest hit for the Swiss bank that seems to be perpetually in crisis.
The bank is regarded as a favoured lender for rich Russians. It said: “We have reviewed our positions and believe that the bank’s exposure in relation to Russia is well managed with appropriate systems in place.”
Lately the bank has been facing questions over the securitisations of loans linked to the yachts and private jets of its richest customers. There were defaults on the loans in several cases.
The annual report today showed that senior executives saw bonuses fall following the bank’s involvement in both the Archegos Capital and Greensill scandals.
Ousted chairman Antonio-Horta Osorio was paid £2.9 million for the year. He left after it emerged he had breached Covid rules to attend major sporting events.
In 2019 Credit Suisse was caught in a corporate espionage scandal, later admitting to hiring private detectives to track executives.
Back in 1986, the bank was implicated in hiding some of the wealth of Philippine dictator Ferdinand Marcos.
