380 million francs value
Credit Suisse divests Allfunds stake
Credit Suisse is making progress with its restructuring. As she announced on Thursday evening, she is selling her 8.6 percent stake in the Allfunds fund platform.
Credit Suisse is selling its Allfunds stake.
The total of almost 54 million Allfunds shares are to be sold to institutional investors via an accelerated bookbuilding. The investment was last worth around 380 million euros. After the completion of the transaction, CS will no longer hold any shares in Allfunds. The move comes as no surprise. There had already been speculation in the media regarding a possible sale.
The troubled big bank wants to lift the veil on its strategic restructuring next week (October 27th). According to the unending rumours, the sale of parts of the company in all business areas is under discussion, as well as speculation regarding job cuts and a high capital requirement. So far there has not been much concrete: only the planned sale of the Hotel Savoy and now the Allfunds sale have been confirmed. (SDA/smt)
