UBS to book $0.9 billion provision linked to inherited Greensill funds

ZURICH (Reuters) – UBS expects to record a provision of around $0.9 billion, the Swiss bank said on Monday, in connection to Credit Suisse’s funds linked to collapsed supply chain financing firm Greensill Capital.

“The Credit Suisse Supply Chain Finance Funds have made

an offer to redeem fund units,” UBS said.

“Fund investors who choose to accept the offer will be redeemed at 90% of the Net Asset Value determined on 25 February 2021, net of any payments made to the fund investors since

then, through newly established feeder subfunds.”

The offer is not expected to have a material effect on the financial results or CET1 capital of UBS Group AG, the bank said.

“The offer aims to give fund investors certainty, an accelerated exit from their positions and a high level of

financial recovery,” UBS wrote in a statement.

(Reporting by Noele Illien, editing by Andrey Sychev)