Credit Suisse (Moscow)

Credit Suisse CJSC (Moscow) is a Russian enterprise of the international holding Credit Suisse ( originally from Switzerland), a participant in the investment banking market, serving corporate and government clients and having branches around the world.

The main areas of Credit Suisse's activity: underwriting of securities, exchange operations, investment activities, financial consulting, management of attraction and placement of resources, analysis of investments.

Performance indicators

As of June 1, 2021, Bank Credit Suisse (Moscow) ranked 106th in the Russian banking system with assets of 40.1 billion rubles.

History

2024: Recovery of 340 thousand euros in favor of Transcapitalbank

In February 2024, Transcapitalbank (TKB) won another lawsuit against Swiss Credit Suisse. The Russian credit institution managed to recover about 340 thousand euros on a syndicated loan. Initially, the amount of claims was more than 1 million euros. The reasons for the decrease in the amount are not reported.

As the representative of the TKB told Vedomosti, the amount of interest on the claim was calculated on the basis of the rate of the European Central Bank. The legal basis for the requirements was the principles of English law of justice - they complement strict rules where the requirement of their formal execution could be too strict, and allow judges to apply more freely, he explained.

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Credit Suisse

Earlier, TKB joined the syndicate together with the Swiss bank and issued 10 million euros to the manufacturer of passenger cars Uzauto Motors. The syndicate's agent was the London branch of Credit Suisse. In April 2022, the borrower transferred the debt to the London branch, which was supposed to redirect the TKB funds. But the bank did not receive the money, as at that time it fell under blocking US sanctions. They managed to recover them only through the court.

According to materials from the file of arbitration cases, Zenit Bank in October 2021 joined the agreement on the provision of a syndicated loan (a loan provided by two or more banks on uniform terms in accordance with the loan agreement signed by all parties) between the borrower Integrain S.A. and credit agents Credit Suisse AG, London Branch. By agreement, Zenit transferred $20 million.

Bank Zenit sent a statement to the Moscow Arbitration Court declaring Credit Suisse AG, a Swiss bank bankrupt, but the court rejected Zenit's application. In February 2024, Credit Suisse announced that there were no grounds for bankruptcy.^[1]

2023

Asset seizure

In October 2023, the Ninth Arbitration Court of Appeal arrested Credit Suisse AG funds in the amount of 10.1 million euros and $10.2 million in the accounts of its Russian subsidiary, Credit Swiss Bank.

According to Interfax, citing court materials, this decision was made at the request of the Kaluga Gazenergobank as an interim measure on its statement of claim.

The Ninth Arbitration Court of Appeal arrested Credit Suisse's assets in the accounts of its Russian subsidiary

For the first time, the plaintiff filed a petition for the arrest of the bank's assets back in July 2023, but then the court found the application unfounded and unsatisfactory. Then a break was announced in the case, and it was postponed until mid-November.

On October 16, 2023, the Court of Appeal overturned the ruling of the first instance and not only decided to seize the defendant's assets, but also seized Credit Suisse AG's 99.9% of shares in Credit Swiss (Moscow) and 99.9% shares in Credit Sviss Securities. The court also forbade the Swiss bank to dispose of these shares and shares within the claimed claims in the part not covered by the seizure of funds, and the tax and shareholder register holder of joint-stock companies to conduct transactions with them.^[2]

The next hearing in the case will be held on November 16, 2023. Third parties in the case are Uzavto Motors and Agrobank.

The agency recalls that Gazenergobank tried to become a co-plaintiff in a claim Transcapitalbank (TKB) for €10 million in a dispute over the payment of a syndicated loan to an automaker from organized Uzbekistan by Credit Suisse. Then Gazenergobank also wanted to recover €10 million from Credit Suisse under the same loan agreement. The court indicated that the bank and TKB have different obligations in the case and Gazenergobank has the right to file an independent claim. The appeal later upheld the decision. And in July 2023, the bank appealed to the Arbitration Court. Moscow^[3]

The court, at the request of Zenit Bank, arrested the shares of Credit Suisse and UBS subsidiaries in the Russian Federation

The court, at the request of Zenit Bank, arrested the shares of Credit Suisse and UBS subsidiaries in the Russian Federation. This became known in mid-August 2023.

According to Interfax, citing materials from the file of arbitration cases, the Moscow Arbitration Court partially satisfied the application of Zenit Bank to take interim measures and banned Credit Suisse AG from disposing of shares and shares in subsidiaries of Bank Credit Swiss (Moscow) JSC and Credit Suisse Securities LLC (Moscow). UBS AG, as the successor to Credit Suisse AG, the court forbade the disposal of shares in a subsidiary of Yu Bi Es Bank LLC.

The court arrested the shares of "daughters" Credit Suisse and UBS

At the same time, Zenit's demand for the arrest of Russian bank funds for $13.6 million was rejected, since the plaintiff could not justify to the court the need to apply this measure.

The court ruling says that Zenit sees the risk of termination of banks in Russia, according to the bank, the organizations have prepared for this. The Russian bank also pointed out the impossibility of executing a judicial act in the jurisdiction of the debtor.

In February 2023, Zenit Bank fell under the blocking sanctions of the United States and Great Britain, which is why it stopped receiving payments from the borrower. In March - May 2023, Intergrain S.A. transferred $5.2 million, which was intended for Zenit, but Credit Suisse notified the Russian bank that the money would not be paid due to sanctions. In May 2023, Zenit filed an application with the arbitration court for the arrest of $5.2 million and a ban on Credit Suisse from disposing of shares and shares of Bank Credit Swiss JSC and Credits Suisse Securities LLC, but the court rejected these claims.

In July 2023, Zenit filed an application with the Moscow Arbitration Court to declare Credit Suisse bankrupt. Bank Zenit believes that the actions of the Swiss financial organization are illegal and violate its rights.^[4]

Recovery by a Moscow court of €10 million in favor of Transcapitalbank

The Moscow Arbitration Court recovered about €10 million (754 million rubles at the exchange rate as of January 30, 2023, when the court's decision became known) from the Swiss bank Credit Suisse at the suit of Transcapitalbank (TKB). According to RIA Novosti, the court fully satisfied the claims of the Russian credit institution.

The latter in April 2021 joined a syndicated loan issued by Uzauto Motors, a major passenger car manufacturer in Uzbekistan. The amount of participation of TKB amounted to 10 million euros, and the agent of the syndcredit was the London branch of Credit Suisse. The Borrower, as stipulated by the terms of the contract, repaid the loan, but TKB did not receive its part of the funds from the agent. In its lawsuit, TKB demanded to recover from the Swiss bank losses caused by default.

The Moscow Arbitration Court recovered about €10 million from Credit Suisse €10 million in favor of Transcapitalbank

A representative of Credit Suisse explained in court that the money for TKB was frozen by the correspondent bank Citibank due to sanctions against TKB. The defendant also insisted that, under the loan agreement, Credit Suisse was only liable for gross negligence or willful misconduct.

In turn, the TKB insists that the transfer of money to a branch of an American bank after the imposition of sanctions against the TKB was "unreasonable." They also insist that Credit Suisse did not contact TKB until June 2022. Then the Swiss bank informed TKB about the blocking of funds.

By January 2023, Credit Suisse continues to reduce its business in 2022 Russia and abandon new business projects. The bank said Credit Suisse follows all sanctions imposed,,, and European Union Britain. USA The court Switzerland^[5]

2022

Moscow Arbitration Court arrested Credit Suisse assets in Russia for seizing assets in Switzerland

The Moscow Arbitration Court arrested Credit Suisse's assets in Russia for seizing assets in Switzerland. The sanctioned Transcapitalbank (TKB) obtained in court the seizure of the assets of the Swiss bank Credit Suisse.

The court arrested the shares of two Credit Suisse structures in Russia: 100% stake in Bank Credit Swiss (Moscow) and in Credits Suisse Securities. And also arrested Credit Suisse funds - just over 10 million euros.

The lawsuit refers to a syndicated loan issued to the largest manufacturer of passenger cars in Uzbekistan - Uzauto Motors. TKB was one of the participants in the syndicate, with a participation amount of about 10 million euros. The London division of Credit Suisse acted as an agent of the syndicate, which, under the terms of the transaction, redirects the payment from the borrower to the lender, or notifies the lender that the payment has not been received.

As follows from the materials of the court, TKB did not receive a payment on the loan from Credit Suisse, although in April 2022 "the agent proceeded to comply with the instructions of the plaintiff to transfer funds to the account indicated by him, thereby confirming that the borrower fulfilled its obligations."

Credit Suisse is registered in an unfriendly country and is forced to comply with all sanctions imposed by it against Russia. The Swiss bank announced in March that it was ceasing economic activity in the Russian Federation

Freezing of assets of Russians by 10.4 billion francs in connection with sanctions against the background of Russia's special operation in Ukraine

On May 5, 2022, it became known that the investment bank Credit Suisse froze customer assets by 10.4 billion Swiss francs or $11.3 billion) in connection with the sanctions imposed against Russia amid the conflict in Ukraine.

2021: Cancellation of the license "Credits Suisse Securities (Moscow)" and transfer of part of the operations to the bank

On July 15, 2021, the Bank of Russia canceled the licenses of Credit Swiss Securities (Moscow), a professional securities market participant, to carry out brokerage and dealer activities, the regulator said in a statement.

The Central Bank clarifies that the licenses were canceled on the basis of statements by the company itself about the refusal of licenses.

Credit Suisse Securities (Moscow) was one of Credit Suisse's major securities trading operations in Russia.

The Credit Suisse Securities (Moscow) report for the first quarter indicates that the company is considering transferring part of its operations to Bank Credit Suisse (Moscow). "After the implementation of the strategic plan of the Credit Suisse group to restructure operations in Russia in 2021, the company's trading activities and the volume of transactions can be significantly reduced during 2021," the document says. Bank Credit Suisse (Moscow) has a general banking license, as well as licenses for brokerage, dealer and depository activities.

JSC Bank Credit Suisse (Moscow) has expanded its brokerage services to include Russian shares. This means that Credit Suisse Securities LLC (Moscow) has stopped the main trading operations and the provision of brokerage services on Russian shares on the Moscow Exchange, "the Credit Suisse press service told RIA Novosti.

"Reducing the number of Credit Suisse units registered in Russia will simplify the structure of the organization and is not expected to lead to a decrease in trading volume. Credit Suisse has been present in Russia for 25 years and intends to continue the sustainable development of its Russian division: recently the team of specialists in customer asset management from Russia was expanded - both in Geneva and in, " To Moscow the press service added.

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