OREANDA-NEWS A large Swiss bank, "Credit Suisse", securitized a portfolio of loans for yachts and private jets of its super-rich clients, selling loans worth two billion dollars, the "Financial Times" newspaper found out. The Bank decided to get rid of these assets due to the increased risk of sanctions against oligarchs, primarily from Russia.

Credit Suisse sold loans issued to businessmen and secured by their "planes, yachts, real estate and/or financial assets" to its division, which is formally an independent third-party organization. Banks carry out such a procedure when they consider assets to be insufficiently reliable and see the need to transfer risks. After the acquisition of loans, the intermediary company attracts financing for the bank by issuing securities (most often bonds).

The sold loan portfolio also includes loans to super-rich clients secured by stocks and bonds. The intermediary firm has already issued securities worth $ 80 million - they are listed on the Channel Islands International Stock Exchange (TISE). The Financial Times has received a copy of the presentation for investors in these securities. The document stated that the Swiss bank has repeatedly faced problems related to sanctions against super-rich entrepreneurs.

At the beginning of the year, the administration of US President Joe Biden warned that it had developed "specific packages of sanctions" against Russian oligarchs and their family members.