Credit Suisse is exploring the sale of an Allfunds stake
Madrid According to a media report, Credit Suisse is considering the sale of its stake in the Madrid-based technology company Allfunds. The crisis-ridden institute wants to use this to raise cash, as the Spanish newspaper Cinco Dias reported on Friday, citing market circles. According to Refinitiv data, the major Swiss bank holds an 8.56 percent stake in Allfunds. At the current market price, this corresponds to around 380 million euros. In the year to date, shares in the provider of technical services for asset management companies have lost 58 percent in value.
Credit Suisse wants to announce a new strategy at the end of the month. 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. A spokesman for Credit Suisse declined to comment. A representative from Allfunds did not immediately respond to a request for comment.