Credit Suisse Deal For Fortis Prime Brokerage Delayed

Nov 22 2010 | 10:30am ET

Credit Suisse will have to wait a little longer to get its hands on Fortis Bank Nederland's prime brokerage unit.

The sale of Prime Fund Solutions, which was agreed to in May, had been expected to close by the end of this year. But now the deal will not be finalized until the first quarter, according to ABN Amro, which is merging with the nationalized Fortis.

"The transfer of clients has proven more complex than previously estimated," Jan van Rutte, ABN Amro's chief financial officer said. "But the deal will go through."

Terms of that deal have not been disclosed. PFS has some 600 employees in 13 offices around the world.


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