The bank announced last week that it had opened an office of Group AG as part of an investigation into collapsed financial firm Greensill Capital.

The failure of Greensil in March hit Swiss banks. Credit Suisse managed a $ 10 billion investment fund to finance Greensil’s supply chain finance loan program. Credit Suisse has recovered around $ 7 billion of the $ 10 billion invested in the Credit Suisse-Greensill fund.

“The data was collected during Credit Suisse’s official non-targeting process,” a bank spokesperson said in an email. He said the bank is fully cooperating with the authorities.

Swiss newspaper NZZam Sonntag previously reported that the attack on the Credit Suisse office was part of a Zurich prosecutor’s investigation into Greensill. According to the newspaper, the Swiss Bureau of Economic Affairs has filed criminal charges alleging unfair competition violations related to Greensil.

The Zurich prosecutor and the Ministry of Economic Affairs did not immediately respond to the request for comment.

A spokesperson for Green Sill under the control of a UK bankruptcy manager did not immediately respond to a request for comment.

Finma, Switzerland’s leading financial regulator, has initiated civil enforcement proceedings against Credit Suisse in connection with the processing of Greensil. The bank’s asset management arm acquired Greensil’s supply chain finance loan for several years and invested in an investment fund that was sold to investors as a relatively safe investment.

In fact, many of Greensill’s loans were for high-risk borrowers and were not part of traditional supply chain finance, a type of short-term collection for businesses.

Weeks after Greensil’s unveiling, another client, Archegos Capital Management, a family office, went bankrupt and Credit Suisse cost $ 5.5 billion to close its stake, further overthrowing the bank. it was done.

Credit Suisse chairman Antonio Horta Osorio told a shareholders meeting on Friday to vote for two new directors, that banks have made great strides since they started improving risk management in April. paddy field.

To avoid further explosions, we’ve added new roles and redesigned risk management methods. Board members Axel Lehmann and Juan Columbus, who joined on Friday, both previously held the riskiest jobs at financial institutions.

Copyright © 2021 DowJones & Company, Inc. all rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Source link

About The Author

Related Posts

Leave a Reply

Your email address will not be published.