Monday 13 September 2021 11:12 am

Credit Suisse may bow out of leading Olam’s food London listing

Credit Suisse may reportedly bow out of leading Olam’s food ingredients listing in London, after turning down a loan request.

The beleaguered Swiss bank chose not to take part in loan facilities Olam raised in August, Bloomberg first reported, citing people familiar with the matter.

Credit Suisse was joined by Citigroup and JPMorgan Chase & Co, as well as HSBC. The three other banks, and MUFG Bank, all participated in the $5.2bn loan facilities, which does not feature Credit Suisse, sources said.

However, discussions are still ongoing for the London float which is due to land next year, the sources added, so Credit Suisse could still end up having a role in the deal.

City A.M. has contacted Citigroup and HSBC for comment. Credit Suisse, JPMorgan and Olam all declined to comment.

It follows the controversies over the Greensill Capital and Archegos Capital Management scandals, which thrusted Credit Suisse into national headlines.

The scandals prompted the Swiss bank to shuffle its leadership team, posting Rafael Lopez Lorenzo as chief compliance officer this month and David Wildermuth as its chief risk officer in July.

The bank has seemingly been bolstering its risk oversight following the controversies.