Credit Suisse Sells Remaining Stake in Swiss Re

October 16, 2002

In a move aimed at raising some additional cash, Credit Suisse has sold its remaining stake in Swiss Re through its investment banking division Credit Suisse/First Boston.

The bank, which held around 11 million Swiss Re shares, approximately 3.5 percent of its capital, sold them at SwF 99 ($66.50) slightly below the current market price, raising around $732 million.

Credit Suisse has already had to provide almost $2.5 billion in additional capital to the Winterthur Group, its ailing insurance operation. Winterthur’s problems were one of the prime reasons behind the departure of CEO and Board Chairman Lukas Mühlemann last month. Walter Kielholz, Swiss Re’s CEO, replaced him as Board Chairman at Credit Suisse.

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