Credit score Suisse to pay out one other $1.7 billion of Greensill-linked fund property By Reuters

© Reuters. FILE PHOTO: Brand of Swiss financial institution Credit score Suisse is seen in Zurich ZURICH (Reuters) -Credit score Suisse has made additional progress in winding down funds linked with Greensill Capital and is ready to distribute one other $1.7 billion to traders, the financial institution stated on Tuesday. This takes the overall distribution



© Reuters. FILE PHOTO: Brand of Swiss financial institution Credit score Suisse is seen in Zurich

ZURICH (Reuters) -Credit score Suisse has made additional progress in winding down funds linked with Greensill Capital and is ready to distribute one other $1.7 billion to traders, the financial institution stated on Tuesday.

This takes the overall distribution thus far to $4.8 billion, the financial institution stated, following an earlier payout of $3.1 billion.

The financial institution stated it has thus far collected $2 billion from receivables redeemed when the 4 provide chain finance funds (SCFFs) have been suspended on March 1.

This, together with the money place within the SCFFs and the sooner payout, involves $5.4 billion – equal to greater than half of the overall property beneath administration when the funds have been suspended, Credit score Suisse (SIX:) stated.

Switzerland’s second-biggest financial institution has been reeling from its publicity to the collapse first of Greensill Capital after which Archegos Capital Administration inside a month.

Its asset administration unit was compelled final month to close $10 billion of provide chain finance funds that invested in bonds issued by Greensill after the UK agency misplaced credit score insurance coverage protection shortly earlier than submitting for insolvency.

The financial institution has since suspended the funds’ managers and adjusted the top of its asset administration unit.

“We stay aware of the uncertainty that the wind-down course of creates for these of our shoppers who’re invested within the funds,” Credit score Suisse stated in an announcement.

“We’re doing every thing that we will to offer them with readability, to work via points as they come up and, in the end, to return money to them.”

The financial institution stated it was involved with Greensill’s directors and would proceed to work in direction of recovering cash. It will present an extra replace on the progress made by the top of April 2021.

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