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Credit Suisse risk head not aware Greensill insurance could expire until late Feb - Bank

ZURICH, March 16 (Reuters) - Credit Suisse’s Chief Risk and Compliance Officer Lara Warner was not aware until late February that insurance related to British finance firm Greensill could expire on March 1, a spokeswoman said on Tuesday.

“Contrary to certain reports, the Chief Risk and Compliance Officer of Credit Suisse, Lara Warner only received the first indication of a tranche of insurance by Tokio Marine potentially expiring on 01.03.2021 exactly one week earlier on the 22.02.2021,” the spokeswoman said in an emailed statement.

“The formal confirmation of the non-extension was only received on 01.03.2021 and was a key factor triggering the gating of the funds.” (Reporting by Brenna Hughes Neghaiwi Editing by Riham Alkousaa)

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