Credit Suisse prepares sales of Swiss companies to raise capital – FT
Oct 15 (Reuters) – Credit Suisse is preparing to sell parts of its Swiss national bank as it tries to plug a capital hole of about 4.5 billion Swiss francs ($4.48 billion), the Financial Times reported on Saturday, citing people familiar with the matter. .
Parties being considered for sale include a stake in SIX Group, which operates the Zurich stock exchange, an 8.6% stake in Madrid-based technology company Allfunds, two specialist Swiss banks, Pfandbriefbank and Bank-Now and Swisscard, a joint venture adventure with American Express, the newspaper added.
“We will provide an update on the progress of our comprehensive strategy review when we announce our third quarter results,” Credit Suisse told Reuters in an emailed statement.
Last month, FT announced that the bank had drawn up plans to split its investment bank into three as it tried to emerge from three years of unrelenting scandals.
He lost more than $5 billion following the collapse of investment firm Archegos last year, when he also had to suspend client funds linked to defunct financier Greensill Capital.
The bank is also looking to sell its famous Savoy Hotel, located on Paradeplatz in the center of Zurich’s financial district. The hotel could be worth 400 million Swiss francs, as the Inside Paradeplatz financial blog reported earlier this month.
Credit Suisse is considering cutting around 5,000 jobs across the group as part of a cost-cutting campaign, a source with direct knowledge of the matter told Reuters in September.
The bank is due to present its new business strategy on October 27, when the third quarter results are announced.
($1 = 1.0051 Swiss francs)
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Reporting by Rhea Binoy in Bangalore; Additional reporting by Mrinmay Dey; edited by Clélia Oziel
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