Credit Suisse announced on Wednesday that it has successfully completed the sale of part of its Global Investors traditional asset management business to Aberdeen Asset Management. The deal gives the Swiss financial group 240 million Aberdeen shares, equivalent to a 23.9% stake in Aberdeen. Credit Suisse will also be represented on the board of directors of Aberdeen Asset Management.
Credit Suisse announced on Wednesday that it has successfully completed the sale of part of its Global Investors traditional asset management business to Aberdeen Asset Management. The deal gives the Swiss financial group 240 million Aberdeen shares, equivalent to a 23.9% stake in Aberdeen. Credit Suisse will also be represented on the board of directors of Aberdeen Asset Management.
Credit Suisse announced on December 31, 2008 that it had signed an agreement to sell part of its Global Investors (GI) business to Aberdeen Asset Management. The sale comprised CHF 75 bn (EUR 49 bn) of assets under management as of December 31, 2008, and includes the majority of the GI business in Europe, the United States and Asia Pacific.
Credit Suisse is subject to a staggered, three year lock-up with respect to the Aberdeen shares, and a three year standstill, preventing Credit Suisse from acquiring 25.0% or more of Aberdeen's share capital. As part of the transaction, Credit Suisse and Aberdeen have created a mutually beneficial and enhanced distribution framework for both Credit Suisse and Aberdeen products.
