Credit Suisse Statement on Media Report Requesting 3rd Parties to Destroy Documents
5th March 2022 | Hong Kong
Credit Suisse has released a statement in response to media report of Credit Suisse requesting 3rd parties to destroy documents linked to clients. Credit Suisse: “Credit Suisse’s entitlement to request non-participating investors to destroy documents relating to this transaction was, as is market practice, stipulated under the Non-Disclosure Agreement. Documents shared with investors did not contain any client names and/or asset identifiers by the blind pool nature of the transaction. They contained portfolio statistics and performance modelling related to the underlying balance sheet positions. No data, client-related or otherwise, has been erased within Credit Suisse and, for clarity, this is in no way linked to the recent implementation of additional sanctions – with which we are fully compliant.” On 2nd March 2022, an international financial news outlet published an article referencing a letter which “asks investors to destroy documents linked to oligarch and tycoon yacht loans”. This letter relates to a November 2021 synthetic risk transfer transaction, previously reported by the same news outlet, in which engaged parties signed a Non-Disclosure Agreement (NDA).
“ No client data was made available to investors. No client data has been erased within Credit Suisse “
Credit Suisse Full Statement:
In response to media reporting that Credit Suisse requested third parties to destroy documents linked to clients, Credit Suisse Group issued the following statement:
“Credit Suisse’s entitlement to request non-participating investors to destroy documents relating to this transaction was, as is market practice, stipulated under the Non-Disclosure Agreement. Documents shared with investors did not contain any client names and/or asset identifiers by the blind pool nature of the transaction. They contained portfolio statistics and performance modelling related to the underlying balance sheet positions. No data, client-related or otherwise, has been erased within Credit Suisse and, for clarity, this is in no way linked to the recent implementation of additional sanctions – with which we are fully compliant.”
On March 2, 2022, an international financial news outlet published an article referencing a letter which “asks investors to destroy documents linked to oligarch and tycoon yacht loans”. This letter relates to a November 2021 synthetic risk transfer transaction, previously reported by the same news outlet, in which engaged parties signed a Non-Disclosure Agreement (NDA).
Following the successful closure of the transaction, Credit Suisse requested non-participating investors to destroy documents relating to the matter, as stipulated in the NDA. Reminding parties to destroy confidential information is good housekeeping and good data hygiene. The transaction and the request to non-participating investors to destroy confidential data are entirely unrelated to the ongoing conflict in Eastern Europe.
No client data was made available to investors. No client data has been erased within Credit Suisse.
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