C Suisse under watchdog probes over involvement in Mozambique

Financial watchdogs from Switzerland and Britain are looking into Credit Suisse's involvement in Mozambique, where heavy undisclosed sovereign borrowing has pushed the country close to default.

Reuters reports that Swiss regulator FINMA said it was in touch with the bank over the Mozambique issue, while the UK's Financial Conduct Authority (FCA) is looking at the role of Credit Suisse and VTB, according to a source familiar with the situation.

Credit Suisse and VTB have both been active in the southern African country, arranging loans for state-owned firms as well as helping with a eurobond issue.

Credit Suisse declined comment. VTB said it had been open and transparent with the regulator on the Mozambique transaction and was not aware of any investigations.

To access the complete Reuters article hit the link below:

Swiss and UK watchdogs quiz Credit Suisse over Mozambique debt

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