Keystone-SDA
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June 17, 2024 – 10:56
(Keystone-ATS) UBS presents on Monday an offer to withdraw from Credit Suisse’s Supply Chain funds, linked to the British factoring company Greensill, which filed for bankruptcy in spring 2021.
The proposal includes the reimbursement to unit holders of 90% of the net asset value of said funds as of February 25, 2021, less reimbursements already made.
At the last count just a year ago, the number two Swiss bank since bought by the number one announced a seventh payment to investors in the Greensill fund, bringing the total repayment to 7 billion dollars. The late bank with two veils assured that it had recovered 7.4 billion, out of the 10 billion in funds under management at the time of their suspension.
The operation should have no significant effects on UBS’s results or on the level of its core capital, due in particular to the provisions made by the three-key banking group at the time of the buyout of its ousted heir apparent in the spring of 2023. UBS AG expects to record a provision of $0.9 billion in the second quarter on a consolidated basis.
The Supply Chain Finance Funds will now be part of the UBS bad bank,
