Credit Suisse buys Spain's General de Valores
Credit Suisse has signed a letter of intent to buy Spanish broker and asset manager, General de Valores y Cambios.
Switzerland's second largest financial group said the acquisition was still subject to regulatory approval and gave no financial details.
General de Valores, based in Barcelona, has 840 million euros (SFr1.3 billion) in assets under management. It has 20,000 clients and a network of 150 financial advisors.
The move fits into Credit Suisse's strategy to serve affluent European investors on a country-by-country approach. The bank said the acquisition would serve as a platform to launch its personal financial services activities in Spain.
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