Credit Suisse: new Greensill payouts

(CercleFinance.com) - Credit Suisse said on Tuesday that it plans to make further cash payments to investors exposed to its four funds structured by the bankrupt British financial firm Greensill.


In a statement, the Swiss bank said it had recovered an additional 2 billion Swiss francs, which will enable it to pay out 1.7 billion Swiss francs to the affected investors as from today.

In all, it has made payments of 5.4 billion Swiss francs - just over half of the four funds' total exposure of around 10 billion Swiss francs.

Credit Suisse says it is continuing to work with Greensill Capital's administrators, Grant Thornton, to facilitate the process of recovering the funds and repaying investors.

The Swiss private bank, which says it is considering certain legal actions to protect its investors, plans to provide a further update on the situation by the end of the month.

Credit Suisse shares are currently up 0.7% in Zurich in a market that is down about 0.5%. It is however, down over 13% YTD.


Copyright (c) 2021 CercleFinance.com. All rights reserved.