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Credit Suisse Puts Its US Asset Management Unit For Sale, Looks For Capital Infusion

Battered Credit Suisse Group AG (NYSE: CS) recently launched a process to sell its U.S. asset management arm, dubbed Credit Suisse Asset Management (CSAM).
byVandana Singh
October 18, 2022
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  • Battered Credit Suisse Group AG (NYSE:CS) recently launched a process to sell its U.S. asset management arm, dubbed Credit Suisse Asset Management (CSAM).
  • The unit is expected to draw interest from private equity firms and other asset managers, said the source, who spoke anonymously to discuss private information. 
  • The source added that there was no guarantee of a sale, and Credit Suisse could ultimately retain the business.
  • Bloomberg News reported earlier, citing people familiar with the matter.
  • Earlier in the day, citing a source, Bloomberg stated that Credit Suisse had approached at least one Middle Eastern sovereign wealth fund for a capital injection.
  • Abu Dhabi and Saudi Arabia-based sovereign wealth funds are mulling whether to infuse new capital into Credit Suisse’s investment bank and other businesses.
  • The size and other details of a potential capital injection could not be learned.
  • Last month, reports were circulated that Credit Suisse was looking to raise fresh capital. It has raised almost CHF12 billion ($12.22 billion) since 2015, but it is unclear how much the investors are interested as the bank has been at the center of several scandals.
  • Price Action: CS shares are up 4.40% at $4.75 during the premarket session on the last check Tuesday.
 
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