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

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of