FINMA Finalizes "Greensill" Case Against Credit Suisse

According to Reuters, the Swiss financial watchdog FINMA has finalized its proceedings against Credit Suisse in connection with its business relationship with financier Lex Greensill and his companies, it said on Tuesday.

​"FINMA finds that Credit Suisse seriously breached its supervisory obligations in this context with regard to risk management and appropriate organisational structures," it said in a statement, adding it had ordered remedial measures.

Credit Suisse welcomes FINMA's announcement today that it has concluded its proceedings in connection with the Supply Chain Finance Funds (SCFF) matter. Ulrich Körner, Chief Executive Officer of Credit Suisse Group AG, commented:

"We welcome the conclusion of FINMA's work. This marks an important step towards the final resolution of the SCFF issue. FINMA's review has reinforced many of the findings of the Board-initiated independent review and underlines the importance of the actions we have taken in recent years to strengthen our Risk and Compliance culture. We also continue to focus on maximizing recovery for fund investors."