ZURICH, Oct 21 (Reuters) – Credit Suisse Group AG (CSGN.S) has placed an 8.6% stake in Allfunds Group (ALLFG.AS) via an accelerated bookbuilding offering that was priced at 6.195 euros a share, raising 334 million euros ($326.2 million), a bookrunner said on Friday.
The deal comes as Credit Suisse races to firm up asset sales that could limit the cash it needs from investors with just days to go before the bank unveils an overhaul. read more
The Swiss bank’s securitised products business from its investment bank is also up for sale, and it has launched a process that could include selling its U.S. asset management arm, a source told Reuters.
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Negotiations on divestments will likely take until the last minute before the revamp is announced along with third-quarter results on Oct. 27.
The embattled Swiss lender wants to draw a line under a string of scandals and legal actions in a shake-up that would likely see it pare back a volatile investment bank and focus even more on managing the wealth of rich clients.
($1 = 1.0239 euros)
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Reporting by Michael Shields and Noele Illien
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