UBS sets aside €900m to repay Greensill investors [Yahoo! Finance]
SOFTBANK GRP UNSP/ADR (SFTBY)
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Source: Yahoo! Finance
The Swiss banking giant will repay investors 90pc of the money tied up in funds as part of its rescue of its Swiss counterpart last year after a string of scandals prompted its near-demise. The repayment window will remain open to customers until July 31 and will be based on the net asset value of the funds in February 2021. UBS will book a $900m (£710m) provision but said this would not affect profits. The bank said: “It will allow an early exit from fund investments compared to distributions under the ongoing recovery process.” UBS inherited Credit Suisse's troubled Supply Chain Finance Funds as part of the takeover last spring. The funds were launched by Credit Suisse after it packaged up about $10bn of supply finance loans, including some made to Lex Greensill's Greensill Capital. These funds were then sold to professional investors who were seeking exposure to the fast-growing supply chain finance sector. After Greensill collapsed in early 2021, Credit Suisse was f
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