Credit Suisse offloads stake to British firm | The Daily Star
12:00 AM, January 01, 2009 / LAST MODIFIED: 12:00 AM, January 01, 2009

International Business News

Credit Suisse offloads stake to British firm

Swiss banking giant Credit Suisse said on Wednesday it had sold part of its Global Investors business to Aberdeen Asset Management in return for a 24.9 percent stake in the British fund manager.
The Aberdeen Asset Management stake was valued at 250 million pounds (256 million euros, 358 million dollars) as of Tuesday, Credit Suisse said in a statement.
Switzerland's second largest bank, which like its peer UBS, has been badly hit by the global financial crisis, said the deal involves the transfer of most of GI's business in Europe, the United States and Asia-Pacific, with the funds under management involved being worth 75 billion Swiss francs.
Credit Suisse said it will maintain its activities in its home market and continue to operate the GI business in Brazil and through joint ventures across the globe.
It said the deal allows it to focus on its core operations and boost the value of the GI business.

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