Boston, MA
Credit Suisse mulls IPO for CS First Boston – source
ZURICH, Oct 27 (Reuters) – Credit score Suisse (CSGN.S) is exploring the potential for an preliminary public providing for its CS First Boston spinoff, a supply aware of the matter informed Reuters on Thursday.
The Swiss financial institution is beginning out as the bulk shareholder for the newly created funding financial institution entity, however sees an IPO as a future choice, the supply stated.
An unnamed funding firm has already dedicated to inject $500 million into CS First Boston, targeted on advisory and capital markets, Chief Government Ulrich Koerner stated.
Saudi Nationwide Financial institution, which is taking a stake of as much as 9.9% in Credit score Suisse Group, has additionally stated it was able to put cash into the funding financial institution spinoff.
Credit score Suisse board member Michael Klein will step down and grow to be chief govt of the brand new CS First Boston entity, which shall be headquartered in New York.
Reporting by Noele Illien and Oliver Hirt; Enhancing by Michael Shields
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