Bloomberg

(Bloomberg) -- Citigroup Inc. purchased a portfolio of credit-default swaps from retreating rival Credit Suisse Group AG, two people familiar with the matter said.

Credit Suisse disclosed the agreement to sell the contracts in its second-quarter report last week, without identifying the buyer. The people asked not to be named because the buyer wasn’t public.

Credit Suisse said last week that the portfolio consisted of about 54,000 trades and its sale reduced the bank’s leverage exposure, a measure of assets, by $5 billion.

Spokeswomen for Credit Suisse and Citigroup declined to comment.

To contact the reporters on this story: Jeffrey Vögeli in Zurich at jvogeli@bloomberg.net, Donal Griffin in London at dgriffin10@bloomberg.net. To contact the editors responsible for this story: Simone Meier at smeier@bloomberg.net, Michael J. Moore at mmoore55@bloomberg.net, Jon Menon

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