9/24, 2:06 PM (Source: TeleTrader)
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Credit Suisse cut exposure to Evergrande in 2020 - report

Credit Suisse Group AG sold almost its entire exposure to Evergrande Group, a Chinese property developer currently struggling to service its debt, in late 2020, the Financial Times reported on Friday, citing people familiar with the matter.

The sale of exposure to China's second-largest real estate developer will protect the Swiss bank's assets from losses in the case Evergrande defaults, the outlet explained.

"Credit Suisse has not underwritten any debt for two years after becoming concerned about the developer's financials," the report concluded.

Breaking the News / BU