Credit Suisse bank logo in Zurich
(Archyde.com) – Credit Suisse is set to sell assets as the Swiss bank needs to find around 4.5 billion Swiss francs (4.60 billion euros) to fill a hole in its finances, the Financial Times reported on Saturday , citing sources familiar with the matter.
Among the assets likely to be sold are a stake in the SIX group, which manages the Zurich Stock Exchange, an 8.6% stake in the company Allfunds, two specialized Swiss banks (Pfandbriefbank and Bank-Now) and Swisscard, a joint venture with American Express, the newspaper lists.
“We will provide an update on the progress of our strategic review when we release our third quarter results,” Credit Suisse told Archyde.com in an emailed statement.
Last month, the FT reported that Credit Suisse was considering splitting its investment bank into three entities as the group tries to emerge from three years marked by scandals and financial losses.
(Report Rhea Binoy in Bangalore; with Mrinmay Dey; French version Claude Chendjou)
