BERLIN, Feb 28 Reuters Swiss regulators have rebuked Credit Suisse for serious failings in its handling of a multibillion business with now defunct financier Greensill, the third such public censure in two years.

The probe, which investigated Credit Suisse39;s abrupt closure of 10 billion of funds linked to Greensill, found that although portrayed as low risk to investors, the bank had little knowledge and control over the claims underpinning the investments.

At the centre of the illfated scheme were supply chain finance deals, also known as reverse factoring, where companies can get cash from banks and funds such as Greensill Capital to pay suppliers.

The regulator, FINMA, said Credit Suisse, asset manager of the funds, did not select and review them, Greensill did, leaving the bank largely in the dark. Credit Suisse also left it to Greensill to arrange the insurance against loss.

The regulators also found that the misgivings of one banker at Credit Suisse about granting a loan to Greensill were overruled.

FINMA also issued a series of instructions to the bank on how it should improve risk controls as well as the launch of enforcement proceedings against managers involved.

It is the third such public shaming of Credit Suisse by the supervisor, who also criticised the bank in 2021 for spying on top executives and granting outsized loans to Mozambique linked to a corruption scandal that plunged it into a debt crisis.

Daniel Bosshard, an analyst with Luzerner…