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Credit Suisse Group AG said it plans to return about $400 million to investors in Greensill Capital that invested in supply-chain finance funds, the fifth such disbursement since the bank was forced to freeze the money pools this year.
The latest payment is expected to be made this week and would bring the total paid on Monday to investors in the funds to $6.3 billion, according to a statement on the bank's website. The total cash position of the financial services was about $7 billion, or about 70% of assets under management when they were suspended, it said.
The collapse of Archegos Capital marked an early reverse in Chief Executive Officer Thomas Gottstein's tenure before the bank was hit by the bigger meltdown of Greensill. Credit Suisse is still investigating what happened to the Greensill-linked funds and should announce its findings soon.
The bank marketed the popular supply-chain finance funds as among the safer investments it offered, because the loans they held were reimbursed usually by invoices in a matter of weeks. But as the funds grew into a $10 billion strategy, they strayed from that pitch and much of the money was lent through Greensill to future liabilities, for sales that were merely forecast.
The business quickly collapsed after Greensill's loss of credit insurance on many of its notes to less-credit borrowers.
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