Credit Suisse Reportedly Prepares To Sell Parts Of Swiss Domestic Bank

(RTTNews) - Credit Suisse Group (CS), a financial services provider, is looking to sell parts of its Swiss domestic bank as it seeks to close a capital hole, the Financial Times reports, citing people familiar with the talks.

The report specified that the parts of Swiss Universal Bank that are being considered for a potential sale include, a stake in the SIX Group, which runs the Zurich stock exchange; an 8.6% holding in Allfunds, a listed Spanish investment company; two specialist Swiss banks, Pfandbriefbank and Bank-Now; and Swisscard, a joint venture with American Express.

The report also stated that the bank's main domestic operation — which offers a range of corporate, private and retail banking services in Switzerland — will remain intact, the company is negotiating the sale of several subsidiaries and stakes in other businesses.

The bank is also trying to sell a landmark property, the two-century-old Savoy, Zurich's oldest grand hotel, report added.

Credit Suisse declined to comment to FT; saying it would provide a full update on Oct. 27 when it is set to announce its restructuring plans.