Credit Suisse has raised approximately €334 million (CHF 328 million) from the sale of its stake in the Allfunds funding platform. The big bank announced the previous evening that 8.6 percent of Allfunds’ shares would be sold to institutional investors.
During the accelerated bookkeeping process, approximately 53.9 million shares of Credit Suisse Allfunds were sold at a price of €6,195 per share, according to a statement released by Credit Suisse on Friday morning. The transaction is expected to be completed next Tuesday. Then the big bank no longer has Allfunds shares.
money for restructuring
With the sale of Allfunds stake, Credit Suisse must raise funds for its restructuring. CS acquired a minority stake in Allfunds when it sold its funding platform InvestLab to Allfunds Group in 2019. However, the sale of shares does not come at a good time: the valuation of Euronext-listed Allfunds has dropped nearly 60 percent in the current year.
The troubled big bank wants to lift the curtain on its strategic restructuring next Thursday. According to the never-ending rumors, layoffs and high capital requirements are speculated as the sale of all business divisions of the company is discussed. In addition to the Allfunds sale, CS had previously confirmed the planned sale of the Hotel Savoy in Zurich. (SDA/smt)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
