Credit Suisse to pay clients for losses

21st April 2009, Comments 0 comments

Swiss banking giant pays CHF 50 million for losses on Lehman products.

ZURICH - Swiss banking giant Credit Suisse on Tuesday said it would pay CHF 50 million (EUR 33 million, USD 42 million) to about 1,700 clients for losses on capital-protected products linked to failed US investment bank Lehman Brothers.

Switzerland's second largest bank said it would make the offer to clients in Switzerland who had assets of up to CHF 500,000 with Credit Suisse as of 31 August 2008 and who invested over 20 percent of those funds in the Lehman-linked products.

"Consequently, Credit Suisse will make redemption offers worth a total of approximately CHF 50 million to around 1,700 clients for capital-protected Lehman products," it said in a statement.

In January, the bank offered to repay 2,000 other clients over the same products.

The latest move means it has offered to pay CHF 150 million to some 3,700 affected clients in all.

AFP / Expatica

0 Comments To This Article