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French banking group RCI Bank and Services (RCI Banque), a subsidiary of the Renault Group, has revealed that its exposure to Russia and Ukraine is limited.

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RCI Banque’s major exposure to Russia comes from its 30% equity stake in RN Bank, which is a self-funded joint venture.

As of 31 December 2021, RCI Banque’s 30% equity stake was valued at $101.22m.

The French bank said it is assessing options that are available for its Russian JV with other stakeholders.

The sanctions imposed against Russia after its invasion of Ukraine have triggered a mass exodus of foreign firms operating on Russian soil.  

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RCI Banque also owns a small leasing company in Russia, called RNL Leasing. As of last year, the bank’s investment in the leasing firm was valued at $2.2m and intra-group loans amounted to $16.50m.

The total Russian exposure stands at around $120m, which represents approximately 22 basis points of RCI Banque’s 2021-year end CET1 ratio.

“A non-cash adjustment may have to be recorded against the book value of our assets in Russia at the time of the 2022 first-half results,” the bank said, adding that its capital position is strong enough to take the shock.

In Ukraine, RCI Banque has no lending exposure as it has a commercial agreement carried out by a non-consolidated subsidiary.

“We continue to dynamically monitor our risk exposure, whilst constantly assessing the potential impact of the conflict,” the lender said.

Earlier, French banking major Societe Generale revealed that its Russian exposure stood at around $20bn at the end of last year.