Credit score Suisse is to promote its belief companies in offshore monetary hubs, within the first offers introduced since new chief government Ulrich Körner took over with a mandate to strip again the Swiss financial institution.
The offers embrace the disposal of a division that’s on the centre of an $800mn lawsuit the financial institution is dealing with in Singapore this week over its historic relationship with Georgia’s former prime minister, Bidzina Ivanishvili.
Credit score Suisse introduced on Tuesday that it had agreed to promote its belief companies in Guernsey, Singapore and the Bahamas to the Bermuda-based Financial institution of NT Butterfield & Son. It additionally plans to promote its Liechtenstein belief enterprise to native lender Gasser Accomplice.
The financial institution didn’t disclose the values of the offers.
Körner took over from Thomas Gottstein as chief government of Credit score Suisse final month and the group is figuring out a method to chop again its funding financial institution. The belief enterprise, which supplies offshore accounts to rich purchasers, is part of the corporate’s non-public financial institution.
The companies being bought make use of round 250 individuals and no redundancies are anticipated, in line with an individual with data of the preparations.
Ivanishvili, Georgia’s richest particular person, was a shopper of Credit score Suisse. He’s pursuing the financial institution’s Singapore belief enterprise for as much as $800mn of damages in a trial that began on Monday.