Swiss bank Credit Suisse has prepared its first insurance claims. This is after its losses on stemming from its $10 billion of funds which tied to collapsed finance group Greensill Capital. This news has been reported by the Financial Times.
Credit Suisse is now greatly attempting to recoup billions of dollars which is owed to the group of supply-chain finance funds. And this was forced to close in March as per the report. The bank has also started the process of claiming on the related insurance. And this insurance is primarily from Japanese group Tokio Marine. Citing people with knowledge of the process on this arena, the newspaper has reported this.
Tokio Marine said in an emailed statement that while it is their general policy not to comment on individual policyholder relationships or policy terms. They currently do not anticipate any material impact on their financials for the 2021 fiscal year and onwards.
