Credit Suisse is preparing to sell parts of its domestic Swiss bank in an effort to close a capital gap of around 4.5 billion Swiss francs ($4.48 billion), according to the Financial Times.
The parts being considered for sale are:
– A stake in the SIX Group, which runs the Zurich stock exchange.
– An 8.6% holding in Madrid-based tech company Allfunds.
– Two specialist Swiss banks, Pfandbriefbank and Bank-Now.
– Swisscard, a joint venture with American Express.
– Savoy Hotel, located on Paradeplatz in the centre of Zurich’s financial district.
Credit Suisse plans to split its investment bank in three and cut around 5,000 jobs, in an attempt to recover from three years of nonstop scandals.
Last year, it lost more than $5 billion from the collapse of investment firm Archegos, and had to suspend client funds linked to defunct financier Greensill Capital.
