Credit Suisse To Buy Fortis Prime Brokerage

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.


In Depth

Q&A: Fund Administration Comes To The Cloud

Jul 14 2017 | 7:23pm ET

The fund administration sector has been steadily implementing new technology, such...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Maglan Capital: Some Lessons Learned From Puerto Rico

Jul 13 2017 | 8:00pm ET

Although Maglan Capital has not been invested in Puerto Rico for more than three...

 

From the current issue of