ZURICH—Credit Suisse froze 10.4 billion Swiss francs ($10.63 billion) of wealthy clients’ assets in the first quarter under sanctions imposed in connection with Russia’s invasion of Ukraine, the bank’s financial report showed on Thursday.
The Swiss bank’s financial report gave more details of its first-quarter results, which were originally published last week.
“In 1Q22, CHF 10.4 billion of assets under management were reclassified to assets under custody due to the imposed sanctions,” Credit Suisse said of its wealth management division.
The financial report showed that a 10.4 billion franc impact on the bank’s wealth management assets related to assets frozen due to sanctions.
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