© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann
ZURICH (Reuters) -Credit Suisse has entered into definitive agreement to sell a significant part of its Securitized Products Group and other related financing businesses to Apollo Global Management (NYSE:), the Swiss bank said on Tuesday.
The transaction and sale of other portfolio assets to third-party investors was expected to reduce SPG assets from $75 billion to around $20 billion through a series of transactions expected to be completed by mid-2023, it said without giving a sale price.
The sale of the Securitized Products Group, already flagged by the bank, is part of Credit Suisse’s larger restructuring plan that it hopes will de-risk the investment bank and release capital to invest in the bank’s core businesses.
Credit Suisse last month announced it plans to raise 4 billion Swiss francs ($4.24 billion) from investors, cut thousands of jobs and shift its focus even more from investment banking towards rich clients as the bank attempts to put years of scandals behind it.
($1 = 0.9435 Swiss francs)
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