The Swiss bank is reportedly taking a wealthy Middle Eastern politician-prince to court over loans on a $65 million yacht and $47 million London mansion.
Zurich-based Credit Suisse in November lodged a lawsuit in London against Prince Fahad Bin Sultan, «Bloomberg» reported. The governor of a Saudi Arabian province, Bin Sultan took out from the wealth manager to refinance his yacht and mansion, the newswire reported.
Private banks normally avoid disputes with their clientele and for a disagreement to reach the courts is rare. Credit Suisse is also on the outs with Masayoshi Son, the founder-CEO of Japan's Softbank, over Greensill.
BVI Vehicle Structure
Specifically, Bin Sultan reportedly tapped the Swiss bank for refinancing of a 58 million euro ($65 million) yacht called «Sarafsa» as well as a London home worth £35 million ($47 million) two years ago. Credit Suisse didn't comment.
Credit Suisse argues an British Virgin Islands vehicle set up for the yacht loan defaulted last year. The business of lending involving boats, aircraft, and other assets in super-wealthy portfolios is increasingly common among private banks.
