Credit Suisse sells fintech stake ahead of strategic overhaul
Swiss bank Credit Suisse has sold its stake in a Spanish digital wealth platform as part of a strategic overhaul aimed at reviving its ailing fortunes.
Credit Suisse said on Friday that it realised €334 million (CHF328 million) by selling its 8.6% stake in the Allfunds group.
More
How big is the capital hole at Credit Suisse?
The bank, which will unveil its wide-ranging strategy plan on October 27, is also rumoured to be planning the sale of a Swiss hotel and parts of its business.
Credit Suisse took a stake in Allfunds in 2019, merging its InvestLab unit with the fintech to create a €500 billion digital funds distribution platform.
But the Swiss bank has since floundered amid a myriad of legal issues and huge market losses. New CEO Ulrich Körner has been charged with reviving the bank’s fortunes with a strategic re-think.
Credit Suisse has achieved one legal victory after a United States court cleared the bank of rigging prices in the foreign exchange markets.
The jury has cleared the bank of allegations of market fixing between 2007 and 2013.
“Credit Suisse is extremely pleased that the jury agreed with us that plaintiffs’ case had no merit,” the bank said in a statement on Friday.
More
Credit Suisse prepares Swiss business sales to raise capital
In compliance with the JTI standards
More: SWI swissinfo.ch certified by the Journalism Trust Initiative
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.