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Credit Suisse prepares insurance claims on Greensill Capital losses

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Global Business Review Magazine
Thursday, March 23, 2023
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Credit Suisse prepares insurance claims on Greensill Capital losses

Credit Suisse prepares insurance claims on Greensill Capital losses

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.

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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.

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Recent News

Data shows that US inflation cooling

Household wealth anticipation has declined, claim by global poll

Support measures push Japanese corporate bankruptcies to 50 year low

How is the bond yield controlled in Japan?

BOJ’s Kuroda signals readiness to extend pandemic-aid scheme

Policy takes the u-turn; BoJ’s yield curve may slip

Asia shares falls on worries over inflation, Fed outlook

Stocks are calm ahead of a possible CPI hurricane

Artificial intelligence to take on the Aviation industry too

Normalcy wished to revert to airlines after FFA blackout

Dollar dented as consumer sentiment dives

Dollar declines on expectations of weaker US rate increases and China’s resumption

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