JPMorgan Chase : Credit Suisse may bow out of leading Olam’s food London IPO
September 13, 2021 at 03:50 pm IST
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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, HSBC and Olam for comment. Credit Suisse and JPMorgan 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.
The post Credit Suisse may bow out of leading Olam’s food London listing appeared first on CityAM.
JPMorgan Chase & Co. is one of the biggest banking groups in the world. Revenues (including intragroup) break down by activity as follows:
- investment and market banking (40.2%): consulting for mergers-acquisitions and restructuring, capital increases, investment capital, active on the stock, bond, and derived product markets, stock market brokerage, etc.;
- retail banking (38.9%): sale of standard and specialized financial services (real estate loans, automobile loans, insurance, etc.) through a network of more than 4,790 banking agencies. The group also develops credit cards sale activity;
- asset management (13.2%): USD 3,113 billion of assets under management at the end of 2021;
- commercial banking (7.7%).
At the end of 2021, the group was managing USD 2,462.3 billion in current deposits and USD 1,077.7 billion in current loans.
Income breaks down geographically as follows: the United States (76.2%), Europe/Middle East/Africa (13.6%), Asia/Pacific (7.9%), Latin America and Caribbean Islands (2.3%).