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Credit Suisse Group AG 'seriously breached' rules in Greensill case

The Swiss bank was ordered to take remedial measures by Finma, which include a periodic executive board level-review of the most important business relationships for counterparty risks

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Hugo Miller and Myriam Balezou | Bloomberg
Credit Suisse Group AG “seriously breached” its risk management obligations in the Greensill Capital supply-chain financing affair, Switzerland’s banking regulator has concluded as it closed its probe against the bank. 
 
The Swiss bank was ordered to take remedial measures by Finma, which include a periodic executive board level-review of the most important business relationships for counterparty risks, the regulator said in a statement on Tuesday. The bank must also record the responsibilities of its 600 highest-ranking employees in a “responsibility document,” Finma said. 

The regulator also said it was opening enforcement proceedings against four former managers at the lender, who

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First Published: Feb 28 2023 | 5:00 PM IST

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