Credit Suisse launches $4bn Saudi-backed fundraising
Credit Suisse is seeking to raise SFr4bn ($4.05bn) of capital, including SFr1.5bn from the Saudi National Bank, in an effort to restructure its business as it attempts to move on from a litany of scandals.
The Swiss lender has also agreed to sell its securitised products unit to US investment groups Pimco and Apollo and outlined plans to spin off its capital markets and advisory business over the next three years under a rejuvenated CS First Boston brand.
Credit Suisse said on Thursday that it would cut SFr2.5bn of costs, representing 15 per cent of its cost base, by 2025.
This story originally appeared on: Financial Times - Author:Owen Walker
