Credit Suisse considers Allfunds disposal, Cinco Dias reports By Reuters


© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. REUTERS/Arnd Wiegmann/

MADRID (Reuters) – Credit Suisse is considering selling its stake in Madrid-based tech company Allfunds to raise cash, Spanish newspaper Cinco Dias reported on Friday, citing unidentified market sources.

The Swiss bank holds an 8.56% stake in Allfunds, worth about 380 million euros ($372 million) at the current market price, Refinitiv data shows.

Speculation about Credit Suisse’s future gathered pace on social media in early October on investor concern that it may need to raise billions of francs in fresh capital.

Shares in Allfunds, which provides tech services to asset management companies, have declined 58% this year.

A spokesperson at Credit Suisse declined to comment and an Allfunds representative did not respond immediately to a request for comment.

($1 = 1.0212 euros)

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