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ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

Credit Suisse sells 8.6% stake in Allfunds

The takeover of Credit Suisse was hastily arranged by the Swiss government. (AFP)
  • Credit Suisse acquired the minority stake in 2020 after selling its business-to-business investment fund platform, InvestLab, to Allfunds.
  • The bank was rocked last year by the collapse of the British financial firm Greensill.

ZURICH, SWITZERLAND – Scandal-plagued Credit Suisse announced Friday the sale of its stake in Spanish fund-distribution platform Allfunds as the Swiss bank raises cash ahead of a strategic overhaul.

The bank raised $325 million (334 million euros) with the sale of its 8.6-percent stake in the fintech firm.

Credit Suisse acquired the minority stake in 2020 after selling its business-to-business investment fund platform, InvestLab, to Allfunds.

The sale comes as Credit Suisse chief executive Ulrich Koerner, a restructuring specialist who took over in August, is due to present a widely-anticipated strategic review of the bank on Thursday.

Switzerland’s second-biggest bank, which has been battered by repeated scandals, rumors of financial woes and plunging share prices, has not divulged its intentions.

The bank was rocked last year by the collapse of the British financial firm Greensill, in which some $10 billion had been committed through four funds and then by the implosion of the US fund Archegos, which cost it more than $5 billion.