Credit Suisse is exiting Allfunds
London The ailing major bank Credit Suisse is selling its stake in the Madrid technology company Allfunds. According to the bank, 53.9 million shares are to be sold in a book-building bidding process. At the current market price, the package is worth around 380 million euros.
Credit Suisse wants to present a new strategy at the end of the month. After a series of failures, the bank, which is in the red, wants to reduce its risks. But the conversion will cost a lot of money. Analysts assume that the institute wants to further reduce investment banking. In order to bolster the balance sheet, the bank could sell parts of it and possibly tap into shareholders again, the experts say.
More: The second largest bank in Switzerland needs billions and a new strategy – three options are obvious
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