Credit Suisse cuts ties with SoftBank after Greensill crisis

Credit Suisse Group AG is cutting ties with SoftBank Group Corp., distancing itself from a key backer to Lex Greensill’s collapsed supply-chain finance empire after conflict of interest allegations.

The Swiss lender will no longer do any new business with the Japanese firm, people with knowledge of situation said, asking not to be identified because the matter is private. The decision may ripple across Credit Suisse’s investment bank: SoftBank has been a prolific deal-maker and last year Credit Suisse and other banks held about $8 billion of SoftBank shares in collateral, pledged by founder Masayoshi Son.

It is unclear how long the ban lasts for, or whether it impacts any ongoing deals.

Read more

You may also like

More in IT

Comments are closed.