Until recently there were three European banks with significant exposure to Russia: UniCredit, Raiffeisen, and Société Générale. Société Générale's recently announced its exit, increasing the pressure on peers to follow suit. Many other banks are still thinking through their decision to make a change and the impact of making an exit of their own.
These exits have business consequences that leaders will have to contend with. UniCredit has said that in a scenario where its Russian banking assets are wiped out, it would suffer a hit of about 200 basis points to its capital buffers. The choice to cease Russian operations is one that will need to be made with careful consideration, but these banks also risk issues with public perception if they don't exit.
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