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Credit Suisse makes swap for stake in Aberdeen

Credit Suisse makes swap for stake in Aberdeen

Credit Suisse Group said Wednesday it is selling parts of its asset management business to Aberdeen Asset Management PLC in return for a 24.9 percent interest in the British investment firm.
The move will see Switzerland's No. 2 bank transfer some 75 billion Swiss francs ($70.93 billion) in managed assets to Aberdeen.
Credit Suisse said it will receive almost a quarter of Aberdeen's future stock in return, valued at 381 million francs ($360 million), and take a seat on Aberdeen's board.
The transaction requires approval from regulators and Aberdeen's shareholders, and is expected to be completed in the second quarter of 2009, Credit Suisse said.
The bank said it expects to book a 600 million francs ($568 million) goodwill charge as a result of the transaction.


Updated : 2021-07-30 19:44 GMT+08:00