ZURICH: SoftBank has pulled a more than US$500 million investment from Credit Suisse's supply chain finance funds after the Swiss bank reviewed the funds including the Japanese conglomerate's role, according to two sources.
In a memo to the funds' investors on Monday, the Swiss bank said it would change investment guidelines for its supply chain finance funds and said it had terminated an agreement with an investor in April for three of its four supply chain funds to exclusively source all of their notes through Greensill.
A source with direct knowledge of the matter confirmed that the investor which had terminated the agreement was SoftBank, and that the Japanese group had pulled its full investment from the funds.A second source familiar with the case said more than US$500 million was scheduled for redemption in July independently of the Credit Suisse investigation and had now been redeemed.Greensill did not immediately respond to requests for comment made by phone and email.
As payment delays may cause cash-flow problems for their suppliers, supply chain finance such as that provided by Greensill allows suppliers to collect on invoices early in exchange for a fee. Greensill will then collect on the value of the invoice from the buyer.
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