Credit Suisse says it has taken measures to prevent risks similar to Greensill
2022.04.04 09:05
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at an an office building in Zurich May 9, 2014. REUTERS/Arnd Wiegmann
ZURICH (Reuters) – Credit Suisse (SIX:CSGN) said it had taken measures, such as separating its asset management from the rest of the business, to avoid in the future a similar scenario to the losses it suffered with Greensill funds, in reply to questions from shareholder Ethos.
The bank has investigated its funds to determine whether there were similar constellations and also optimised structures and processes within its asset management, it said in a detailed response to questions from shareholder group Ethos ahead of the annual general meeting on April 29.
Credit Suisse’s reputation took a hit from the collapse one year ago of $10 billion in supply chain finance funds linked to insolvent British financier Greensill, for which it is still trying to recover investor funds.
It said on Monday it expected litigation to be necessary to enforce claims against individual debtors and the insurance companies and said this might take around five years.
