Final hours! Save up to 55% OFF InvestingProCLAIM SALE

Credit Suisse says it has no big exposure to Mexico's Credito Real

Published 08/06/2022, 04:58 AM
Updated 08/06/2022, 05:05 AM
© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich, Switzerland, Nov. 3, 2021. REUTERS/Arnd WIegmann/File Photo

ZURICH (Reuters) - Credit Suisse is not exposed to any large losses among lenders to embattled Mexican firm Credito Real, the Swiss bank said on Saturday, contradicting earlier media reports.

Mexican newspaper El CEO citing documents said Credit Suisse is owed over $100 million by Credito Real, which has begun bankruptcy proceedings over $2.6 billion in debts.

That is the largest debt Credito Real owes to a foreign bank, the newspaper reported.

"Credit Suisse has no material exposure to the company in question," a spokesperson told Reuters on Saturday.

© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich, Switzerland, Nov. 3, 2021. REUTERS/Arnd WIegmann/File Photo

"Any suggestion otherwise is unfounded."

Credito Real announced it was beginning bankruptcy proceedings in July after defaulting earlier in the year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.