Reported 8 months ago
UBS is allocating $900 million to compensate investors in Credit Suisse funds connected to Greensill Capital's collapse. This provision covers 90% of the owed amount, inherited by UBS after acquiring Credit Suisse. The funds, involving supply chain financing, suffered a substantial loss due to Greensill's downfall, prompting an offer to repurchase units from investors. UBS expects to book this provision in the second quarter of 2024, utilizing funds set aside for potential legal and regulatory expenses incurred from the acquisition.
Source: YAHOO