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Credit Suisse
on Tuesday announced that it would accelerate the restructure of its investment bank by selling a significant portion of its securitized products group (SPG) to Apollo Global Management.

Credit Suisse said the transaction, along with the potential sale of other assets to third-party investors, is expected to reduce SPG assets from around $75 billion to $20 billion.

The bank said the move represented an “important step towards a managed exit from the Securitized Products business, which is expected to significantly de-risk the investment bank and release capital to invest in Credit Suisse’s core business.”

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Source: www.cnbc.com/2022/11/15/credit-suisse-to-sell-securitized-products-business-to-apollo-as-it-accelerates-restructure.html

h/t BoatSurfer600

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