European banks reveal cost of Russia exit ...News

Sanctions wiped out billions from major lenders The need to write down assets as well as setting aside cash to shield against the expected economic ramifications of anti-Russia sanctions has resulted in billions of euro in losses for European banks. The lenders have so far taken a hit of about $9.6 billion, led by Societe Generale and UniCredit. ING and Intesa Sanpaolo reported that Russian exposure had slashed their combined first-quarter net income by nearly $2 billion. Several lenders have said their outlooks for the year would be scrapped if the drag of the Russia-Ukraine conflict on the global economy worsens

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Last updated : 07 May 2022 clock 02:28 PM

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European banks reveal cost of Russia exit ...News

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