Rumour: $4.1 Trillion State Street to Buy $1.7 Trillion Credit Suisse, Denies Acquisition Plan
10th June 2022 | Hong Kong
According to numerous media reports, State Street Corp ($4.1 trillion AUM) is reviewing plans to buy Swiss bank Credit Suisse, with major shareholder of Credit Suisse ($1.7 trillion AUM) backing any proposed takeover if the price is right (FNLondon: David Herro of Harris Associates says he would potentially back a takeover of Credit Suisse — if the price and buyer were right). State Street: “There is no basis to the market rumours.” State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $43.7 trillion in assets under custody and/or administration and $4.1 trillion in assets under management as of December 31, 2021. Credit Suisse is one of the world’s leading financial services providers with $1.7 trillion group assets. Our strategy builds on Credit Suisse’s core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 51,030 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York.
“ Rumour: $4.1 Trillion State Street to Buy $1.7 Trillion Credit Suisse, Denies Acquisition Plan “
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