Credit Suisse preparing further claims for Greensill-linked funds
(Reuters) — A first insurance claim has been filed and more are being prepared in Credit Suisse's efforts to recover funds from its insolvent supply chain finance linked to Greensill, the Swiss bank said Tuesday.
The collapse of Credit Suisse's $10 billion worth of supply chain finance funds in March kicked off a tumultuous period for the bank, which together with a multibillion-dollar loss related to family office Archegos prompted a raft of executive oustings.
“A first insurance claim has been filed and (Credit Suisse Asset Management) is currently preparing to file additional claims through Greensill Bank and with the assistance of Greensill Capital UK,” the bank said in a document on its website. A spokesperson said no further information could be provided regarding the insurance claims at this time.
Credit Suisse has been working with advisors and external experts to help recoup the funds, some $7.0 billion, or 70%, of which have now been recovered, the bank said Tuesday, up from $6.1 billion in early July.
Around $5.9 billion of that has been returned to investors so far after the last payment in August.
Tokio Marine's Australian unit has provided insurance to specialty finance company Greensill, but the Japanese group has said it is investigating the validity of those policies and, as of May, expected no material impact on its earnings from the matter.
