Credit Suisse looks to recoup supply chain finance fund recovery costs

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ZURICH, Oct 7 (Businesshala) – Credit Suisse (CSGNS) is looking to recoup external costs to recover money for investors in its bankrupt supply chain finance fund linked to Greensil, the Swiss bank said on Thursday. .

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The bank said in a statement, “The recovery operations undertaken by CSAM on behalf of the fund investors (Credit Suisse Asset Management) essentially bears the external expenses, which are being accrued. Majority of these external costs are incurred. Not given to investors yet.” Note to investors. “CSAM is pursuing this expense as much as possible and will try to recoup the amount spent when appropriate.”

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The bank said it expects to earn about $145 million this year in recovery costs following the collapse of Credit Suisse’s $10 billion supply chain finance fund in March. It is working with consultants and outside experts to help recover the funds, of which about $7.0 billion was recovered by the end of September.

Reporting by Brenna Hughes Neghavi; Editing by Michael Shields

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