Finance
UBS Offers to Pay Investors 90% on Funds Hit by Greensill
- Subsidiary UBS AG to book provision of $900 million in Q2
- UBS inherited Greensill issues when it bought Credit Suisse
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UBS Group AG said it would give investors in Credit Suisse funds linked to the collapse of Greensill Capital a significant proportion of their money back, as the Swiss bank looks to clear through the legacy issues of its former rival.
Investors in the Credit Suisse Supply Chain Finance Funds will be offered a redemption at 90% of the net asset value on Feb. 25, 2021, UBS said in a statement Monday. The offer commenced Monday and runs until July 31. UBS inherited the file when it bought Credit Suisse last year.