Credit Suisse is selling its shares in the Spanish fintech company. In doing so, it is pushing ahead with its restructuring.
As reported by news agency AWP, Credit Suisse is selling its 8.6 percent stake in the Spanish fund distribution platform Allfunds. A total of almost 54 million Allfunds shares are to be sold via accelerated book building to institutional investors.
The block of shares recently had a value of around 380 million euros ($372 million). Following the completion of the transaction, Credit Suisse will no longer hold any Allfunds shares.
Next Thursday, Credit Suisse will provide more detailed information about its restructuring plans. There is currently much speculation among media and investors about the outcome. In addition to the sale of assets, Credit Suisse is said to be discussing the issue of convertible bonds. The crisis-ridden bank needs to raise capital to finance its restructuring and restructure its balance sheet.
