A significant portion of the Securitized Products Group (SPG) will be sold to Apollo Global Management, CS announced on Tuesday. Concluding deals is an important step towards 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 the majority of CS’ SPG team and will receive traditional migration services after closure to ensure seamless customer service. Credit Suisse will also provide financing for some of the assets transferred to Apollo.
The transaction is expected to be completed in the first half of 2023, subject to regulatory approvals, customer approvals and other customary closing conditions.
(SDA)