Zurich-based investment bank Credit Suisse plans to sell around CHF 500 mln (EUR 416 mln) of real estate this year as part of efforts to strengthen its capital position by CHF 15.3 bn.
Zurich-based investment bank Credit Suisse plans to sell around CHF 500 mln (EUR 416 mln) of real estate this year as part of efforts to strengthen its capital position by CHF 15.3 bn.
The bank said it is in ‘advanced negotiations’ to sell two major properties and a number of smaller buildings. It also plans to enter a sale-and-leaseback transaction for an office building it currently owns and occupies. A spokesperson for Credit Suisse declined to give further details.
In a presentation to investors issued together with its Q2 2012 earnings report, Credit Suisse said further disposals of real estate are scheduled for 2013 and 2014.
Credit Suisse is seeking to bolster its balance sheet to meet stricter capital requirements under the Basel III bank regulations which are set to come into force in 2013.
In July, Credit Suisse completed the sale of its residual 7% stake in Aberdeen Asset Management for a capital gain of CHF 0.2 bn.
