In a report from German weekly WirtschaftsWoche, Credit Suisse is intending to sell the private client's business of its German subsidiary Credit Suisse Deutschland AG. The German paper cited anonymous financial sources.
The report also said that interested parties may submit bids for the unit by the end of September.
Among the interested buyers are France's BNP Paribas and Spain's Santander according to the news report. Spokesperson for the two banks declined to make any comment. Credit Suisse spokeswoman declined to make a comment for Reuters.
Last June, a Credit Suisse source told Reuters that the bank would sell part of its private bank in Germany. This is part of the bank's efforts to increase profits to focus on the mega-rich clientele instead of the bigger 'mass affluent' client base. Furthermore, this is the manner in which the bank would be able to reorganize its business to lower its overhead costs.
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