Monday, 28 July 2014
Last updated 2 days ago
May 10 2010 | 12:29pm ET
After five months of exclusive negotiations, Credit Suisse Group has finally struck a deal to buy Fortis Bank Nederland’s prime brokerage unit.
Terms of the deal were not disclosed. The acquisition is expected to close by the end of the year, Credit Suisse and Fortis said today.
Fortis has been selling off assets since it was nationalized a year-and-a-half ago. It is set to merge with the also-nationalized ABM Amro by the end of the year.
Credit Suisse said it purchase of the Prime Fund Solutions business would have minimal impact on its capital.
Fortis’ PFS employs 570 people across 13 offices around the world.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…