Credit Suisse says it has taken measures to prevent risks similar to Greensill

Prospector Metals

04/04/2022 05:59

ZURICH, April 4 (Reuters) - Credit Suisse  CSGN.S  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.  urn:newsml:reuters.com:*:nL2N2VX30B
    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.   
    

    

 (Reporting by Silke Koltrowitz, Editing by Miranda Murray)
 ((silke.koltrowitz@thomsonreuters.com; +41 41 528 3638;))