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Swiss watchdog FINMA looking into Credit Suisse Mozambique case

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By Reuters
Swiss watchdog FINMA looking into Credit Suisse Mozambique case
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch in Winterthur, Switzerland November 2, 2017. REUTERS/Arnd Wiegmann   -   Copyright  ARND WIEGMANN(Reuters)

BERN (Reuters) – Swiss financial market supervisor FINMA is accompanying British authorities in an investigation related to Mozambique and Credit Suisse, FINMA boss Mark Branson said on Thursday.

Credit Suisse was one of the lenders that helped arrange $2 billion (£1.5 billion) in government-guaranteed loans that tipped Mozambique into a debt crisis from which it is still struggling to recover. Mozambique in February filed a case in London’s High Court against Switzerland’s second-biggest bank.

Branson declined at the agency’s annual news conference to detail the nature of FINMA’s proceedings, but said the matter was of great interest to the authority as FINMA seeks to determine whether the Swiss bank conducted itself properly on a group-wide level.

(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)