Credit Suisse Close To Deal For Fortis Prime Brokerage

Mar 8 2010 | 4:10am ET

Credit Suisse is still likely to buy Fortis Bank Nederland’s prime brokerage unit, but a deal could take several more months, the latter said.

“We’re still in exclusive talks and Credit Suisse has started with the due diligence process,” Fortis Bank CEO Jan van Rutte said.

But, he added, “I don’t expect a deal will be reached within two to three months.”

Credit Suisse in December said it was in exclusive negotiations to buy Fortis’ Prime Solutions business, which boasts 600 employees spread across offices in Ireland, Luxembourg, the Isle of Man, Amsterdam, the Cayman Islands, Curacao, Hong Kong, Singapore, Geneva, London, New York, Boston and Tokyo.

Van Rutte did not indicate how much Credit Suisse might pay for the business.

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