Home Business News The Swiss watchdog asked Credit Suisse about the Greensill -SonntagsZeitung risk

The Swiss watchdog asked Credit Suisse about the Greensill -SonntagsZeitung risk

© Reuters. FILE PHOTO: The logo of the Swiss bank Credit Suisse is seen in Zurich

ZURICH (Reuters) – The head of Switzerland’s financial regulator FINMA asked a question Credit Switzerland (SIX) due to the risks involved in dealing with Greensill Capital, which currently lost its insolvency “several months” before the bank was forced to close $ 10 billion in funds that liked Greensill, Swiss newspaper SonntagsZeitung reported on Sunday.

Along with official discussions on the technical level between the bank and FINMA, chief of watchdog Mark Branson personally discussed the risks with outgoing Credit Suisse President Urs Rohner and Director. Thomas Gottstein ran in a meeting on an unknown date, the newspaper reported, citing information it had. get.

FINMA declined to comment. Credit Suisse also declined to comment.

Switzerland’s second largest bank was reeling from exposure to the first fall of Greensill Capital and then of Archegos Capital Management within a month.

Last month, Credit Suisse’s wealth manager was forced to close $ 10 billion in a supply chain finance fund to invest in bonds issued by Greensill after the British company lost credit insurance shortly before filing. default application. The bank has since suspended fund management and changed the head of its asset management unit.

The huge loss at US investment fund Archegos this month also caused Credit Suisse to replace the head of investment banking and compliance and risk after saying it would charge a fee of $ 4.7 billion in the quarter. first due to exposure to the affected company.

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