The Credit Suisse banking group has decided to sell part of its business in the area of ​​trusts in subsidiaries located in the Bahamas, Guernsey and Lietchestein.

The decision was made known on Tuesday through a statement that clearly expresses Credit Suisse’s desire to detach itself from the past, with the sale of its business in tax havens.

The financial conglomerate will divest itself “of its Credit Suisse Trust (CST) unit. One part is bought by the firm Butterfield (the business in Singapore, Bahamas and Guernsey) and another part by the Gasser law firm, which will keep the rest of the business of the Credit Suisse division to manage it from Liechtenstein”, as they have indicated to the media.

The scandals of recent years about the use of “shell companies” to evade taxes that have involved Credit Suisse led to this decision.

For the Swiss bank, 2022 should be a year of transition towards a more transparent performance, away from lawsuits and lawsuits that cause collateral damage.

On the other hand, Credit Suisse aspires to a restructuring, amid rumors of possible purchase or dissolution of the group. In any case, they are currently focused on reducing legal risks.

M.Pino

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Source: cincodias

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Evergrande, a Chinese real estate company, suspended the listing of its shares on the Hong Kong stock exchange, as well as its two subsidiaries: the real estate management company Evergrande Property Services and the electric vehicle manufacturer Evergrande New Energy Vehicle, due to the financial situation that The real estate giant has been reporting.

The information was provided by the Shanghainese newspaper The Paper, which also noted that “Evergrande would have closed the sale of its 30 % stake in a developer in the eastern city of Nanjing”, in Jiangsu province, but admitted that the details are unknown. Details of the transaction.

It was also learned that the real estate giant held meetings with “creditors of an onshore bond estimated at 4,000 million yuan, which is equivalent to about 628 million dollars, where it was agreed that the cancellation of interest accrued between September 2020 and 2021 would be It would take place next September 2022.

It was also released that the Evergrande company must cancel a bond listed on the Singapore Stock Exchange for an amount equivalent to 2,100 million this Wednesday, March 23, 2022.

Evergrande’s financial deficit

In the middle of last year, mistrust arose over the financial status of the real estate complex, since it had accumulated liabilities of more than 300 billion dollars. These fears increased when it began to show signs of inability to cancel the payments of its “offshore” bonds.

Agencies specializing in risk rating such as Fitch revealed, last December, that Evergrande and other Chinese developers such as Kaisa were not paying their debts abroad. The financial situation of many Chinese real estate companies worsened after Beijing announced, in August 2020, the restrictions on access to bank financing for companies that had accumulated a very high debt, as is the case of Evergrande, which for years were supported with “aggressive leverage policies.”

M. Rodríguez

Source: bancaynegocios.com

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