(Bloomberg) -- Credit Suisse Group AG Chief Executive Officer Thomas Gottstein said the bank is reviewing its exposure to Russia though hasn’t taken a decision on its activity yet in the wake of the Ukraine invasion.

“It’s a very serious situation,” Gottstein said at a conference organized by Morgan Stanley on Tuesday. “We will have to see now over the next few months what this all means for our operation in Russia. I have not taken any decisions on that.”

Gottstein said that about 4% of the assets run by the Swiss bank’s wealth management arm were with Russian clients, either in the country or with nationals living abroad. The bank said earlier this month that it had 848 million francs ($932 million) of credit exposure to Russia at the end of last year.

“We feel that we have a very well managed risk management around the situation,” Gottstein said. 

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