Greensill Bank AG (“Greensill Bank”) is a German factoring bank based in Bremen. The bank is a 100% subsidiary of privately held Greensill Capital Pty Ltd (“Greensill”). The rating of Greensill Bank reflect the bank’s capitalisation and its high degree of integration with the Greensill group. The assets of Greensill Bank consist predominantly of trade receivables from factoring and reverse factoring transactions originated by the Greensill group.

The Greensill group has grown strongly in recent years, successfully competing with major global banks as a specialised non-bank provider of supply chain finance (“SCF”). The group has also attracted more than US$ 1bn external investment.

This is not a rating action; the following rating was assigned on 19 July 2019:

The rating has a Stable Outlook.

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