SoftBank has pulled a more than US$500m investment from Credit Suisse's supply chain finance funds after the Swiss bank reviewed the funds including the Japanese conglomerate's role, according to two sources.
The Swiss bank launched the review after the Financial Times reported last month that SoftBank had put US$500mn into some Credit Suisse funds, which in turn invested in assets selected by SoftBank-backed lender Greensill Capital.
Some of the funds' investments were in notes backed by loans Greensill made to other companies backed by SoftBank's Vision Fund.
In a memo to the funds' investors on Monday, the Swiss bank said it would change investment guidelines for its supply chain finance funds and said it had terminated an agreement with an investor in April for three of its four supply chain funds to exclusively source all of their notes through Greensill.
