Swiss police are searching Credit Suisse as part of the Greensill investigation

“In the course of an official procedure that is not directed against Credit Suisse, data was collected,” said a bank spokesman in a statement sent by email. He said the bank is fully cooperating with the authorities.

The Swiss newspaper NZZ am Sonntag previously reported on the raids on the Credit Suisse offices and said they were part of an investigation by the Zurich public prosecutor’s office against Greensill. The newspaper said the Swiss economic department had filed a criminal complaint for violations of unfair competition in connection with Greensill.

The Zurich public prosecutor’s office and the economic department did not immediately respond to requests for comment.

A spokesman for Greensill, which is under the control of a bankruptcy administrator in the UK, did not immediately respond to a request for comment.

The leading Swiss financial supervisory authority Finma is conducting civil proceedings against Credit Suisse in connection with its handling of Greensill. The bank’s asset management division bought up supply chain finance loans generated by Greensill for several years and placed them in mutual funds that were sold to investors as relatively safe investments.

In reality, many of Greensill’s loans were to risky borrowers rather than part of traditional supply chain financing, a type of short-term cash advance for businesses.

Weeks after Greensill’s dissolution, the bank was further beaten when another client, family office Archegos Capital Management, imploded and cost Credit Suisse $ 5.5 billion to end stock trading.

António Horta-Osório, Chairman of Credit Suisse, said at a shareholders meeting on Friday to vote on two new board members that the bank has made significant progress in improving risk management since it began in April.

To avoid further explosions, new roles have been added and the handling of risks has been revised. The board members Axel Lehmann and Juan Colombas, who joined the board on Friday, both previously held top risk jobs at financial institutions.

Write to Margot Patrick at [email protected]