Swiss Authorities Raid Credit Suisse Over Greensill Supply-Chain Funds
Key Points
- FINMA raids Credit Suisse offices over Greensill-linked supply-chain investment funds
- The move comes amidst a broader crackdown on the bank's risk management practices
- Credit Suisse's CEO Ulrich Körner vows to cooperate with the investigation
FINMA Raids Credit Suisse Offices
The Swiss Financial Market Supervisory Authority (FINMA) has raided the offices of Credit Suisse Group AG as part of an investigation into the bank's Greensill-linked supply-chain investment funds. The move comes amid a broader crackdown on the bank's risk management practices.
The Greensill funds, which invested in supply-chain financing, collapsed in early 2021, leading to losses for investors. Credit Suisse was a major backer of the funds, and the collapse has raised questions about the bank's risk management practices.
Credit Suisse's Response
Credit Suisse CEO Ulrich Körner said the bank is cooperating with the investigation. "We are committed to transparency and fully supporting the investigation," Körner said in a statement.
The raid on Credit Suisse's offices is the latest in a series of regulatory actions against the bank. FINMA has already launched an investigation into the bank's risk management practices, and the Swiss Attorney General's Office is also investigating the bank's role in the Greensill collapse.
Wider Crackdown on Swiss Banks
The raid on Credit Suisse is part of a wider crackdown on Swiss banks by FINMA. The regulator has been criticized for being too lenient on banks in the past, and it is now taking a more aggressive approach to enforcing regulations.
In addition to Credit Suisse, FINMA has also taken action against UBS, Switzerland's largest bank. UBS was fined $4.5 million in 2021 for failing to prevent money laundering.
Conclusion
The raid on Credit Suisse's offices is a reminder that Swiss banks are not immune to regulatory scrutiny. FINMA is taking a more aggressive approach to enforcing regulations, and banks that fail to comply with the rules will face consequences.
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