ZURICH (Reuters) -Credit Suisse has entered into definitive agreement to sell a significant part of its Securitized Products Group and other related financing businesses to Apollo Global Management, the Swiss bank said on Tuesday.
The transaction and sale of other portfolio assets to third-party investors was expected to reduce SPG assets from $75 billion to around $20 billion through a series of transactions expected to be completed by mid-2023, it said without giving a sale price.
The sale of the Securitized Products Group, already flagged by the bank, is part of Credit Suisse’s larger restructuring plan that it hopes will de-risk the investment bank and release capital to invest in the bank’s core businesses.
Credit Suisse last month announced it plans to raise 4 billion Swiss francs ($4.24 billion) from investors, cut thousands of jobs and shift its focus even more from investment banking towards rich clients as the bank attempts to put years of scandals behind it.
($1 = 0.9435 Swiss francs)
(Reporting by Noele Illien; Editing by Michael Shields)
