Since the Swiss bank's supply chain funds blew up last March, it has been focussed on returning funds to investors. Now it is approaching clients with a gesture of goodwill.
Credit Suisse, Switzerland’s second-largest bank, is proactively waiving its service fees for clients invested in the defunct supply chain finance funds, according to a «Reuters» report Wednesday.
The exemption, which applies the bank’s own services, such as standard brokerage, discretionary mandate fees, investment advisory fees and banking services, will first be offered to clients with accounts booked in Switzerland.
Credit Suisse is granting these «special conditions as a gesture of our commitment to these important relationships,» the bank told finews.com in an emailed statement. The bank also said it continued «to make good progress on recovering cash both from obligors and via insurance claims,» however, recovery from the focus areas would take time to achieve.
So far the recovered funds amount to $7 billion, or 70 percent of assets at the time of the funds’ suspension in March.
