CS sells another business area
The major bank Credit Suisse has secured its planned exit from the securitized products business as part of the restructuring of the group. “Definitive transaction agreements” have now been concluded with Apollo.
Credit Suisse sells the securitized products division as part of the restructuring of the group (archive image)
A significant part of the Securitized Products Group (SPG) will be sold to Apollo Global Management, according to a statement by CS on Tuesday. The conclusion of the agreements is an important step on the way to an orderly exit from the securitized products business. This is expected to significantly reduce the Investment Bank’s risk and free up capital to invest in its core businesses.
Apollo is expected to retain a majority of CS’s SPG team and will receive customary transition services post-closing to ensure seamless client servicing. Credit Suisse will also provide financing for a portion of the assets transferred to Apollo.
The transaction is still expected to close in the first half of 2023, subject to regulatory approvals, customer approvals and other customary closing conditions, it said.