Credit Suisse AG has dropped from the roster of lead banks on an Olam International Ltd. unit’s planned London initial public offering after turning down a loan request, people with knowledge of the matter said.

The Swiss bank was set for a top role in Olam Food Ingredients’ London IPO as recently as August, alongside banks including Citigroup Inc. and JPMorgan Chase & Co., said the people, who asked not to be identified as the information is private.

Credit Suisse decided not to participate in loan facilities Olam raised that month, the people said. The bank has lent to the Singapore-based agri-business firm in the past, one of the people said.

The current lineup of lead banks for OFI’s London listing includes Citigroup and JPMorgan as well as recent addition HSBC Holdings Plc -- all of which took part in the loan facilities -- and does not feature the Swiss lender, they said.

Deliberations for the London IPO are ongoing, the people said. Credit Suisse continues to have a relationship with Olam and could still end up with a role on the deal, the people said. Representatives for Citigroup, Credit Suisse, HSBC, JPMorgan and Olam declined to comment.

Credit Suisse has been stepping up its risk oversight globally after the twin hits of the Greensill Capital and Archegos Capital Management scandals. The lender has shaken up its top management, naming Rafael Lopez Lorenzo as chief compliance officer this month and appointing David Wildermuth as the chief risk officer in July.

Olam International named Citi, HSBC and JPMorgan, as well as MUFG Bank Ltd., as senior mandated lead arrangers for its three committed loan facilities totalling US$5.2 billion ($6.97 billion), according to a statement Aug 31.

The company has appointed Niall FitzGerald as the chairman for Olam Food Ingredients, it said in a statement Thursday. OFI intends to seek a primary listing on the London Stock Exchange, and a concurrent secondary listing in Singapore in the first half of 2022, according to the statement. The London listing could raise about 2 billion pounds ($3.71 billion), Reuters reported last month.

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Credit Suisse may lose lead role on Olam Food's London IPO

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