(Bloomberg) -- UBS Group AG said it would give investors in Credit Suisse funds linked to the collapse of Greensill Capital a significant proportion of their money back, as the Swiss bank looks to clear through the legacy issues of its former rival. 

Investors in the Credit Suisse Supply Chain Finance Funds will be offered a redemption at 90% of the net asset value on Feb. 25, 2021, UBS said in a statement Monday. The offer commenced Monday and runs until July 31. UBS inherited the file when it bought Credit Suisse last year.

Along with the meltdown of Archegos Capital Management, the collapse of a $10 billion group of supply chain funds linked to Greensill Capital in 2021 was a contributing factor to the demise of Credit Suisse in 2023. UBS is still working to reclaim funds from Sanjeev Gupta’s GFG Alliance, which owed almost $900 million to investors in the Credit Suisse funds, according to a document published in January.

The offer “will allow an early exit from fund investments compared to distributions under the ongoing recovery process,” UBS said.

In February last year, Credit Suisse said it had finished paying back investors in two out of four funds linked to Lex Greensill’s failed supply-chain finance firm. Some $2.6 billion remains in the remaining funds, according to company filings.

UBS said that the operating unit, UBS AG, expects to make a provision of around $900 million in connection with the offer, to be booked in the second quarter. The results of the group are not expected to be materially affected, the bank said. 

While UBS is seeking to draw a line under a troublesome legacy issue, the lender still faces legal claims related to the Greensill saga. The bank said in its annual report for last year that expenses could “substantially exceed the level of provisions” that have been set aside. 

--With assistance from Luca Casiraghi.

(Updates with further details on remaining amount)

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