Credit Suisse in great danger following the bankruptcy of Credito Real, reports the CEO of El

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A logo is pictured on Credit Suisse bank in Geneva, Switzerland, June 9, 2022. REUTERS/Denis Balibouse

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MEXICO CITY, Aug 4 (Reuters) – Credit Suisse (CSGN.S) is one of the most beholden lenders to Mexican financial firm Credito Real, which has filed for $2.6 billion in bankruptcy debt, a local business newspaper reported Thursday.

Private documents show that Credit Suisse owes more than $100 million to Credito Real, according to a report by Mexican business newspaper El CEO. It would be the largest debt that Credito Real owes to a foreign bank, according to the report.

Credit Suisse declined to comment on the report.

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The news comes amid media reports that Credit Suisse is considering sweeping cuts and after ratings agency Moodys downgraded the bank’s unsecured debt ratings.

Mexico’s national development bank, NAFIN, is the most indebted of all entities, with $119 million in outstanding debt, according to El CEO. NAFIN did not immediately respond to a request for comment.

Credito Real announced that it was opening bankruptcy proceedings in July after defaulting earlier in the year. Read more

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Reporting by Isabel Woodford; Edited by Michael Williams

Our standards: The Thomson Reuters Trust Principles.

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