The dramatic developments cap almost three years of trouble for Greensill Capital, a startup lender aiming to disrupt a niche part of global finance. Greensill-linked financings played a role in the demise of a former star bond manager at GAM Holding AG in 2018. Last year, Germanys banking regulator BaFin pressured the financiers lender to reduce concentration risks on its balance sheet.
In a sign that other backers of Greensill have growing concerns about the business, SoftBanks Vision Fund has substantially written down its $US1.5 billion holding in Greensill Capital, and is considering dropping the valuation to close to zero, people familiar with the matter said. The writedown occurred at the end of last year, said one person.
The C…
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