Credit Suisse says it has no big exposure to Mexico’s Credito Real

Credit Suisse says it has no big exposure to Mexico’s Credito Real

Credit Suisse (CSGN.S) is not exposed to any large losses among lenders to embattled Mexican firm Credito Real (CREAL.MX), the Swiss bank said on Saturday, contradicting earlier media reports.

Mexican newspaper El CEO citing documents said Credit Suisse is owed over $100 million by Credito Real, which has begun bankruptcy proceedings over $2.6 billion in debts.

That is the largest debt Credito Real owes to a foreign bank, the newspaper reported.

“Credit Suisse has no material exposure to the company in question,” a spokesperson said.

“Any suggestion otherwise is unfounded.”

Credito Real announced it was beginning bankruptcy proceedings in July after defaulting earlier in the year.

ribmirnet