Bloomberg News

Credit Suisse Seeks $321 Million Selling Part of Aberdeen

July 02, 2012

(Corrects to remove reference to size of Credit Suisse’s remaining stake in final paragraph.)

Credit Suisse Group AG (CSGN) is selling part of its stake in Aberdeen Asset Management Plc (ADN), Scotland’s largest money manager, to raise as much as 205 million pounds ($321 million), according to two people with knowledge of the transaction.

The Zurich-based lender is selling as many as 80.4 million Aberdeen shares for 245 pence to 255 pence each, a discount of as much as 7.4 percent to the closing price today, said the people, who asked not to be identified because the process is private.

The Swiss central bank said last month in its annual financial stability report that Credit Suisse has to increase its capital “substantially” this year. Pressure on earnings from weaker client activity is making it harder for the bank to accumulate capital and prepare for stricter regulatory requirements.

The Swiss bank is reducing its stake in Aberdeen as the money manager’s stock gained about 25 percent this year, compared with an increase of 1 percent in the U.K. benchmark FTSE 100 Index, according to data compiled by Bloomberg.

Credit Suisse is selling about 7 percent of the company in the offering, according to a termsheet for the sale obtained by Bloomberg.

To contact the reporter on this story: Zijing Wu in London at zwu17@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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