- Switzerland's second-largest bank, which suspended four funds linked to Greensill in early March, had already made a first repayment of $3.1 billion.
ZURICH: Credit Suisse will return another $1.7 billion (1.4 billion euros) to investors, the bank announced Tuesday during an update on the sums recovered following the collapse of British finance firm Greensill.
Credit Suisse was heavily invested in Greensill, which specialised in short-term corporate loans via a complex and opaque business model that ultimately sparked its declaration of insolvency last month.
Switzerland's second-largest bank, which suspended four funds linked to Greensill in early March, had already made a first repayment of $3.1 billion.
"This takes the total distribution so far to $4.8 billion," the bank said in a statement.
The new repayments will start from Tuesday, the Zurich-based bank said.
Credit Suisse said it was in "active dialogue" with Greensill's administrators Grant Thornton, "and, where appropriate, is engaging directly with potentially delinquent obligors and other creditors".
"Credit Suisse Asset Management continues to work on identifying and progressing options to secure recovery," it added.
"Liquidation proceeds will be paid out to investors as soon as feasible in one or more instalments until the investors receive the funds' total collected net liquidation proceeds."
Credit Suisse has been under fire since the collapse of Greensill -- and in mid-March faced new upheavals with the implosion of the US hedge fund Archegos.
Credit Suisse said last week that it had taken a $4.7 billion hit from its links to Archegos Capital Management.
"We remain acutely aware of the uncertainty that the wind-down process creates for those of our clients who are invested in the funds," the bank said.
"We are doing everything that we can to provide them with clarity, to work through issues as they arise and, ultimately, to return cash to them," it said, adding that it intended to provide another update by the end of April.