(Reuters) – ZurichThe Swiss bank Credit Suisse said on Tuesday that it had reached a deal with Apollo Global Management (NYSE:APO) to sell a big part of its Securitized Products Group and other related financing businesses.
The transaction and the sale of other portfolio assets to third-party investors were expected to reduce SPG’s assets from $75 billion to around $20 billion through a series of deals that would be finished by mid-2023. The company didn’t say how much the sales would be, but it did say that the deals would be finished.
The sale of the Securitized Products Group, which the bank had already said it would do, is part of Credit Suisse’s larger plan to restructure. The bank hopes that this will lower the risk of the investment bank and give it more money to invest in its core businesses.
Credit Suisse said last month that it plans to raise $4.24 billion from investors, cut thousands of jobs, and focus even more on rich clients as the bank tries to put years of scandals behind it.
$1 is worth 0.9435 Swiss francs.