CREDIT SUISSE GROUP

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Credit Suisse filed 18 insurance claims linked to Greensill funds

08/16/2022 | 07:20am

ZURICH (Reuters) - Credit Suisse said on Tuesday its asset management arm had filed 18 insurance claims in respect of the frozen supply chain finance funds (SCFF) linked to Greensill.

The bank said in a document on its website it had filed 18 insurance claims for the Credit Suisse (Lux) Supply Chain Finance Fund and the Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund with a corresponding exposure of approximately $2.2 billion.

It said its asset management arm had now filed insurance claims in respect of all the SCFF programs where there are insurable losses. Answering insurers' requests for information on the claims will take "some months", the bank said.

Together with the cash already distributed and cash remaining in the funds, the cash position as of July 29 was still equivalent to approximately $7.3 billion, or 73% of the funds' assets under management at the time of their suspension, Credit Suisse said, the same level as in February.

(Reporting by Silke Koltrowitz, editing by John Revill)

Reuters 2022
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