UBS sets aside $900-M for investors hit by Credit Suisse scandal
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Swiss banking giant UBS said Monday it would set aside $900 million to help compensate investors who took a hit from Credit Suisse funds linked to the Greensill debacle that contributed to its fallen rival's demise.
UBS was strongarmed by the government last year to acquire Credit Suisse, then Switzerland's second biggest bank, over fears that it would go under following a series of scandals.
One of those was its connection to Greensill, a British financial firm that went bankrupt in 2021 and to which Credit Suisse was exposed to the tune of $10 billion.
UBS said it was offering to repay investors at 90 percent of the net asset value of their holdings on February 25, 2021. The offer will end on July 31.
"The offer aims to give fund investors certainty, with an accelerated exit from their positions and a high level of financial recovery," UBS said in a statement.
UBS said the $900 million provision would be booked in the second quarter but that it would have "no material impact" on its financial results.
