Credit Suisse ‘significantly breached’ obligations in Greensill case, Swiss regulator says

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The brand of Credit Suisse Group in Davos, Switzerland, on Monday, Jan. 16, 2023.

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Credit Suisse “seriously breached its supervisory obligations” within the context of its enterprise relationship with financier Lex Greensill and his firms, Swiss regulator FINMA concluded Tuesday.

The embattled Swiss lender’s publicity to the London-based Greensill Capital resulted in large reimbursements to buyers after the availability chain finance agency collapsed in early 2021.

Credit Suisse CEO Ulrich Körner welcomed the conclusion of the FINMA investigation in a press release Tuesday.

“This marks an important step towards the final resolution of the SCFF issue. FINMA’s review has reinforced many of the findings of the Board-initiated independent review and underlines the importance of the actions we have taken in recent years to strengthen our Risk and Compliance culture. We also continue to focus on maximizing recovery for fund investors,” he mentioned.


In March 2021, Credit Suisse closed 4 provide chain finance funds at quick discover associated to Greensill firms. The funds had been distributed to certified buyers with consumer documentation indicating low threat, and consumer publicity sat at round $10 billion on the time of the closure.

The Greensill saga was a key cause behind Credit Suisse’s large overhaul of its threat administration and compliance operations, alongside the collapse of Archegos Capital.


FINMA introduced Tuesday that it has ordered remedial measures and opened 4 enforcement proceedings towards former Credit Suisse managers.

“In future, the bank will have to periodically review at executive board level the most important business relationships (around 500) in particular for counterparty risks,” the regulator mentioned.


“In addition, the bank is required to record the responsibilities of its approximately 600 highest-ranking employees in a responsibility document.”

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