Tuesday, June 22, 2021
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Credit Suisse scrambles to repay investors in its Greensill-backing fund but expects losses on $140m loan to collapse firm

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Credit Suisse, the giant investment bank which created a fund for investors to back Greensill said it had paid out $3.1 billion to investors so far and hoped more would follow.

The banking giant’s funds backing supply chain finance raked in $10 billion from investors but have been smashed by Greensill’s collapse into administration last week.

The bank said in an update to markets today that it was working with administrators Grant Thornton to repay investors their money.

Credit Suisse also gave Greensill a $140 million bridging loan last year. Today it said it received $50 million back from the administrators, reducing the outstanding loan to $90 million.

“While these issues are still at an early stage, we would note that it is possible that Credit Suisse will incur a charge in respect of these matters,” the bank said in a trading statement today.

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