Credit Suisse argues that it advised customers of the BES … – Economic

Credit Suisse argues that it advised customers of the BES … – Economic

Economic

10:30

Swiss bank confirms that drew debt securities at the request of BES, but clarified that not sold or advised any client to buy it.

The Credit Suisse does not “distributed, sold or advised any client BES or its affiliates, “nor the retail or institutional, according to a statement released today by the Swiss bank and quoted by Bloomberg and Reuters agencies.

He responded well to the news of Wall Street Journal (WSJ) said yesterday that the Swiss bank was responsible for grouping various debt holdings of the Holy Spirit Group in various financial vehicles unrelated to the group. These securities were then sold in BES branches without customers knew that it was the debt of companies in the Holy Spirit family group.

The Credit Suisse explained in note today that special investment vehicles organized in 2001 and 2002 at the request of BES – Top Income, Savings and Investments EuroAforro Plus Investments – which, according to the newspaper, served to finance companies in the GES. Regarding the fourth vehicle, the Premium EG, the Swiss bank says it is not involved.

According to the Swiss bank, securities issued by these vehicles two occasions after the financial crisis in January and February 2012 , 2014.

But, it is argued then arguing that there is accountability in the distribution of such securities by BES branches or its subsidiaries.