France headquartered Credit Agricole said on 22 March it had suspended all services in Russia, a day after another global French bank BNP Paribas said it had told corporate clients in Russia that it would no longer process their transactions after the end of month, after previously stopping new financing in Russia.
Credit Agricole said that since the beginning of the conflict, the group has stopped new financing to Russian companies and all commercial activity in Russia.
"The Group has contacted its international corporate clients to set the suspension modalities for the services locally provided by Crédit Agricole CIB, effective in the upcoming weeks.
"As a reminder, the Crédit Agricole CIB subsidiary in Russia has 170 Russian employees, does not have a retail banking activity and has generated a net income of 3.7 million euros last year."
