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Embattled Credit Suisse sells stake in Spanish firm

Scandal-plagued Credit Suisse announced Friday the sale of its stake in Spanish fund-distribution platform Allfunds as the Swiss bank raises cash ahead of a strategic overhaul.

The bank raised 334 million euros ($325 million) with the sale of its 8.6-percent stake in the fintech firm.

Credit Suisse acquired the minority stake in 2020 after selling its business-to-business investment fund platform, InvestLab, to Allfunds.

The sale comes as Credit Suisse chief executive Ulrich Koerner, a restructuring specialist who took over in August, is due to present a widely-anticipated strategic review of the bank on Thursday.

Switzerland’s second-biggest bank, which has been battered by repeated scandals, rumours of financial woes and plunging share prices, has not divulged its intentions.

The bank was rocked last year by the collapse of the British financial firm Greensill, in which some $10 billion had been committed through four funds, and then by the implosion of the US fund Archegos, which cost it more than $5 billion.