View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
October 17, 2022

Credit Suisse mulling to sell parts of Swiss domestic bank

Credit Suisse Group is planning to sell parts of its Swiss domestic bank in a bid to bridge a capital gap of nearly CHF4.5bn ($4.48bn), Financial Times has reported citing people privy to the development.

The parts that could be sold include a stake in the SIX Group, which operates Zurich stock exchange, an 8.6% holding in Allfunds, a Spanish tech firm, and a pair of specialist Swiss banks.

Pfandbriefbank and Bank-Now as well as Swisscard, a joint venture between Credit Suisse and American Express, are also covered in the plan.

According to the newspaper, Credit Suisse’s main domestic business, which provides various corporate, private and retail banking services in Switzerland, will be excluded from the potential sale.

The company is also having discussions to sell a number of its subsidiaries and interests in other operations.

In an emailed statement to Reuters Credit Suisse said: “We will update on progress on our comprehensive strategy review when we announce our third-quarter earnings.”

The latest report comes shortly after a The Wall Street Journal report that said Credit Suisse had upped its attempts to divest or minimise shares in major businesses in order to overhaul its business.

Last month, a FT report noted that the bank had outlined plans to divide its investment bank into three units amid efforts to restore its image that had been stained by a series of scandals.

In addition, Credit Suisse lost over $5bn from the failure of investment company Archegos last year and from the withdrawal of client funds associated with now-defunct company Greensill Capital.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy


Thank you for subscribing to Private Banker International