The troubles at China’s Evergrande have clearly spurred tensions amongst a slew of global financial institutions and their investors.

As China prepares for the downfall of the debt-ridden developer, many of the global giants have come forward to reassure their backers with regard to the exposure to the crisis.

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UBS CEO Ralph Hamers told Bloomberg that the company’s exposure to Evergrande is ‘immaterial.’

Hamers added that the company has made some margin calls connected to the Chinese firm and those have been ‘well executed’.

In June last year, UBS chief investment officer stuck Evergrande on the bank’s watchlist and the Evergrande securities were removed from rich clients’ portfolios.

UBS’ rival Credit Suisse also denied direct exposure to Evergrande.

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The firm stated that it has not lent to the debt-ridden developer. However, the investors in the firm’s fund unit are anticipated to face losses with connection to the Evergrande crisis.

Credit Suisse’s emerging market and Asia bond fund line are said to be ‘highly invested’ in China’s wider real estate sector.

Eight funds listed by the firm have about 5% to 29% of their total assets in the Chinese property market.

In addition, the target funds listed by the asset management arm of Credit Suisse is said to hold minor positions in Evergrande.

The Swiss giant, which is striving to recover from two back-to-back scandals, said it anticipates more exposure to Evergrande via target funds from other providers.

In a separate development, UBS chief executive Hamers has revealed plans to revamp the bank’s IT culture in a bid to onboard more core technology talent.

He said that the bank is targeting ‘greater digitisation’ while ‘keeping a close grip on costs’.