Credit Suisse to pay for losses on Lehman products
ZURICH (AFP) - - Swiss banking giant Credit Suisse on Tuesday said it would pay 50 million francs (33 million euros, 42 million dollars) to about 1,700 clients for losses on capital-protected products linked to failed US investment bank Lehman Brothers.
<script language="javascript">if(window.yzq_d==null)window.yzq_d=new Object(); window.yzq_d['_nh2JnxsfEo-']='&U=13f4vkg7p%2fN%3d_nh2JnxsfEo-%2fC%3d708753.13367982.13472238.5775860%2fD%3dLREC%2fB%3d5671190%2fV%3d1'; </script><noscript>
</noscript>
Switzerland's second largest bank said it would make the offer to clients in Switzerland who had assets of up to 500,000 Swiss francs with Credit Suisse as of August 31, 2008 and who had invested over 20 percent of those funds in the Lehman-linked products.
"Consequently, Credit Suisse will make redemption offers worth a total of approximately 50 million Swiss francs 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 150 million Swiss francs to some 3,700 affected clients in all.
http://sg.news.yahoo.com/afp/20090421/tts-switzerland-banking-company-creditsu-c1b2fc3.html
ZURICH (AFP) - - Swiss banking giant Credit Suisse on Tuesday said it would pay 50 million francs (33 million euros, 42 million dollars) to about 1,700 clients for losses on capital-protected products linked to failed US investment bank Lehman Brothers.
<script language="javascript">if(window.yzq_d==null)window.yzq_d=new Object(); window.yzq_d['_nh2JnxsfEo-']='&U=13f4vkg7p%2fN%3d_nh2JnxsfEo-%2fC%3d708753.13367982.13472238.5775860%2fD%3dLREC%2fB%3d5671190%2fV%3d1'; </script><noscript>
Switzerland's second largest bank said it would make the offer to clients in Switzerland who had assets of up to 500,000 Swiss francs with Credit Suisse as of August 31, 2008 and who had invested over 20 percent of those funds in the Lehman-linked products.
"Consequently, Credit Suisse will make redemption offers worth a total of approximately 50 million Swiss francs 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 150 million Swiss francs to some 3,700 affected clients in all.
http://sg.news.yahoo.com/afp/20090421/tts-switzerland-banking-company-creditsu-c1b2fc3.html
