Business
QBE (ASX:QBE) share price falls on Greensill update
The QBE Insurance Group Ltd (ASX: QBE) share price is slipping today after the company clarified its exposure to the now insolvent Greensill Capital.
At the time of writing, QBE Insurance is trading down 2.1% to $9.57 per share.
QBE shines a light on Greensill exposure
The Greensill saga has implicated many entities – as the once $9 billion valued supply-chain financier becomes insolvent and faces liquidation.
As previously reported, Greensill’s business of providing funds to suppliers awaiting accounts receivable to purchasing businesses came under pressure when COVID-19 hit. After becoming heavily weighted to a handful of clients, cracks quickly propagated when these loanees could not repay their debts.
Prior to the collapse,…
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