(RTTNews) – Credit Suisse agreed to sell a significant part of its Securitized Products Group and other related financing businesses to Apollo Global Management, as part of the radical restructuring of its Investment Bank.
The transaction, together with the contemplated sale of other portfolio assets to third-party investors, is expected to reduce Securitized Products Group assets from $75 billion to approximately $20 billion, through a series of transactions expected to be completed by mid-2023.
Apollo is expected to hire the majority of the Securitized Products Group team and will receive customary transitional services from Credit Suisse following the closing of the transaction in order to maintain a seamless experience for clients. Credit Suisse will also provide financing for a portion of the assets transferred to Apollo.
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