According to official data and sources close to the case, Credit Suisse also appears to have terminated its business relationship with SoftBank and its CEO. The decision was made after SoftBank-backed Greensill Capital went bankrupt, which also caused significant losses to Credit Suisse’s customers. We wrote more about the case here:
Credit Suisse was one of the largest creditors of Japanese businessman Masayoshi Son so far, and as of February, the head of SoftBank had about $ 3 billion in equity coverage at the bank for borrowings, but by May, official data said the loan portfolio had fallen to zero.
According to sources close to the case, the large Swiss bank has also taken tough action against SoftBank, now any transaction in which Softbank is involved is subject to extra risk analysis and plus round approval processes.
The Japanese group has exposures to dozens of technology companies worldwide. Credit Suisse has so far supported SoftBank and the companies embraced by its $ 100 billion Vision fund as financial advisors. Such was the case with Greensill Capital, among others.
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Source: Portfolio.hu – Bank by www.portfolio.hu.
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