© Stocksak. FILE PHOTO – The logo of Swiss bank Credit Suisse can be seen in an office building in Zurich (Switzerland) September 2, 2022. REUTERS/Arnd Wiegmann
(Stocksak). Credit Suisse is close to a deal to sell its securitized products group to investors Apollo Global Management and Pacific Investment Management Co. The Wall Street Journal reported Wednesday, citing people who are familiar with the matter.
The Journal reported that Pimco, which is a big bond manager and Apollo, which is a large alternative asset manger, beat out a group consisting of Centerbridge Partners as well Martello Re Ltd. (a life and insurance company).
Credit Suisse declined comment. Stocksak reached out to Apollo, Pimco and Centerbridge for comment but they did not immediately reply.
Stocksak reported last Wednesday that the money managers Janus Henderson Group (NYSE 🙂 and investment companies including Blue Owl Capital Inc are considering offers for the U.S. asset-management unit of the Swiss bank.
The Swiss lender is in dire straits and is looking for buyers to buy its businesses as part a multi-pronged effort after a string financial setbacks.
Finma, the Swiss regulator, is closely monitoring the restructuring, according to Stocksak. This is a source familiar with the matter, who said that Finma is in regular contact the bank. This highlights the sensitive nature of the revamp.
Credit Suisse’s strategic review update is just days away. It’s still unclear what businesses can be sold, and at what price. This is a critical piece of a puzzle that will determine how much shareholders may have to pay.