(Bloomberg) -- Credit Suisse Group AG has stopped pursuing new business in Russia and is cutting its exposure to the country as a result of the invasion of Ukraine, according to an internal document seen by Bloomberg.

The Swiss bank is also helping its clients unwind their Russia exposure, according to the memo. The bank added that it has moved roles out of the country and is helping employees relocate elsewhere. 

A spokesperson for Credit Suisse confirmed the content of the document. 

Earlier this month Chief Executive Officer Thomas Gottstein signaled the bank would review its wealth-management business in Russia and Eastern Europe, and the lender has said it had exposure of 848 million francs ($906 million) to Russia at the end of last year. About 4% of the assets run by the Swiss bank’s wealth management arm were with Russian clients, either in the country or nationals living abroad.

Credit Suisse’s Moscow office has around 125 employees working across wealth management and the investment bank. 

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