HSBC Holdings PLC at Morgan Stanley European Financials Conference (Virtual) Transcript

Mar 16, 2022 / NTS GMT
Nicholas Lord - Morgan Stanley, Research Division - Head of ASEAN Banks Research and Executive Director

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So can we start off with, I'm sure the question that you've been asked many times already today. In terms of Russia and Ukraine, have you been able to quantify sort of firstly, your direct exposure and then to think a little bit about the second order impacts and then how HSBC might be affected?

Questions and Answers:

Ewen James Stevenson - HSBC Holdings plc - Group CFO, Member of the Group Management Board & Executive Director

Yes. I mean look, firstly, the situation going on in the Ukraine at the moment is dreadful. So organizationally, we're very focused on what we can be doing from a humanitarian perspective, very focused on the impact on various members of our staff and then around the region. And also, yes, a lot of our customers are quite materially impacted as well.

For us, we have a very small business in Russia, less than $100 million of equity, about $1 billion of direct exposure, 220 employees. On
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