The Swiss bank is poised to have liquidated 70 percent of a supply chain fund managed by defunct firm Greensill, after another repayment to investors.
Zurich-based Credit Suisse will return $400 million to investors of its Greensill funds, it said in an update on its asset management website on Monday. The Swiss bank said this along with previous repayments brings the total sum of the$10.1 billion line of funds returned to clients to $6.3 billion.
Credit Suisse is struggling to recoup funds especially from major Greensill clients like Sanjeev Gupta's GFG group of companies. The funds' total cash position now stands at roughly $7 billion. The bank said it will update the fund investors – mainly wealthy clients of its private bank – next month on the portfolio details.
