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Acquisitions / Divestitures

An overview of key mergers, acquisitions and divestitures at Credit Suisse Group.

2010

Date

Description

May 10, 2010

Credit Suisse announces the purchase of Fortis Bank Nederland’s Prime Fund Solutions business
Credit Suisse has entered into an agreement to purchase from Fortis Bank Nederland its Prime Fund Solutions business ("PFS"), a global leader in hedge fund administration services. The acquisition enhances Credit Suisse’s offering to the alternative investment community through PFS’ leading services, which include independent administrative services, investor services, net asset value calculation, banking, custody and financing solutions.

2008

Date

Description

December 31, 2008

Credit Suisse Agrees to Sell Part of Global Investors business to Aberdeen Asset Management in return for a 24.9% interest
Credit Suisse today announced it had signed an agreement to sell part of its Global Investors (GI) traditional asset management business in return for up to 24.9% of the enlarged share capital of Aberdeen Asset Management. The stake is valued at approximately CHF 381 million (GBP 250 million) as of December 30, 2008.

August 26, 2008

Credit Suisse Acquires Majority Interest in Asset Management Finance Corporation
Credit Suisse Group today announced the acquisition on behalf of its Alternative Investments business of a majority interest in Asset Management Finance Corporation (AMF) from National Bank of Canada's merchant banking subsidiary (National Bank). Credit Suisse Group will acquire over 80% of AMF for USD 384 million of newly issued Credit Suisse Group stock.

April 22, 2008

Credit Suisse strengthens private banking capabilities in Australia
Credit Suisse announced today that it has agreed to acquire the corporate advisory business of Hindal. This acquisition will further strengthen Credit Suisse's private banking capabilities in Australia through providing corporate advisory services to small-to-mid cap businesses.

2007

Date

Description

November 1, 2007

Credit Suisse completes acquisition of Hedging-Griffo
Credit Suisse announced today that it has completed the acquisition of a majority interest in Hedging-Griffo, a leading independent asset management and private banking firm in Brazil.

2006

Date

Description

December 22, 2006

Credit Suisse Group completes sale of Winterthur to AXA
Credit Suisse Group announced today that it has completed the sale of 100% of Winterthur Swiss Insurance Company (Winterthur) to AXA, finalizing the agreement first announced on June 14, 2006.

December 21, 2006

Credit Suisse To Acquire Majority Interest in Hedging-Griffo, A Leading Brazilian Wealth Manager
Credit Suisse announced today that it has signed an agreement to acquire a majority interest in Hedging-Griffo, a leading independent Asset Management and Private Banking company in Brazil for CHF 358 million in cash (USD 294 million/BRL 635 million).

June 14, 2006

Credit Suisse Group sells Winterthur to AXA
Credit Suisse Group today announced that it has entered into a definitive agreement for the sale of Winterthur Swiss Insurance Company (Winterthur), its insurance business, to AXA for a cash consideration of CHF 12.3 billion. AXA will acquire 100% of Winterthur. The transaction is subject to customary regulatory approvals and closing conditions and is expected to close around year-end 2006.

2004

Date

Description

December 24, 2004

Credit Suisse Group sells its minority stake in the operations of Warburg Pincus
CreditSuisse Group announced the sale of its 19.9% stake in the operations of Warburg Pincus, the private equity firm, on December 24, 2004. The interest was repurchased by Warburg Pincus and the transaction closed on December 31, 2004.

November 4, 2004

Winterthur sells L'Unique Compagnie d'Assurances Générales(opens in new window)
Winterthur announced the sale of its Canadian subsidiary L’Unique Compagnie d’Assurances Générales to La Capitale Assurances Générales Inc., on November 4, 2004. The sale was completed on November 22, 2004.

July 1, 2004

Winterthur Life sells PPML to The Capita Group Plc
The sale of Winterthur Life's UK pensions administration subsidiary Personal Pensions Management Limited (PPML), which was announced on May 18, 2004, closed on July 1, 2004.

March 29, 2004

Winterthur sells its French subsidiary Rhodia Assurances S.A. to April Group
Winterthur announced the sale of its French subsidiary Rhodia Assurances S.A. to April Group on March 29, 2004. The transaction closed on July 8, 2004.

February 3, 2004

Credit Suisse sells General de Valores Y Cambios brokerage business
Credit Suisse announced the sale of its Spanish brokerage operation, General de Valores y Cambios Sociedad de Valores S.A. (GVC) on February 3, 2004. The transaction closed on the same date.

2003

Date

Description

December 12, 2003

Credit Suisse sells its shareholding in Cornèr Banca S.A.
On December 12, 2003, Credit Suisse announced the sale of its shareholding in Cornèr Banca S.A. to Finmec Holding S.A ., the controlling shareholder, which is owned by the Cornaro, Piotrkowski and Dollfus families. The transaction closed on December 18, 2004.

September 26, 2003

Winterthur Group completes the sale of its Italian insurance operations to Unipol
Winterthur Group announced the completion of the sale of its Italian insurance operations to Unipol Assicurazioni SpA, on September 26, 2004. The sale was announced in June 2003.

September 1, 2003

Winterthur Group completes the sale of Churchill to The Royal Bank of Scotland Group
Winterthur Group announced the completion of the sale of its UK non-life insurer Churchill to The Royal Bank of Scotland Group on September 1, 2003.

May 26, 2003

Credit Suisse and UBS sell their holding in Swiss Steel
Credit Suisse and UBS announced the sale of their holding of 50.5% of Swiss Steel's share capital to SBGE Stahl Holding on May 26, 2003.

May 22, 2003

Credit Suisse First Boston agrees to acquire Volaris Advisors(opens in new window)
Credit Suisse First Boston announced that it had agreed to acquire Volaris Advisors, a New York-based equity-options strategies firm. Volaris provides yield-enhancement and volatility management services to private clients, foundations, endowments and institutions.

May 12, 2003

Winterthur sells its US-based Republic Group of Companies to Investor Group led by Wand Partner
On May 12, 2005, Winterthur announced the sale of its Republic group of companies, Winterthur’s regional operation in the Southwestern US, to an American investor group led by Wand Partners Inc. The transaction was completed on August 31, 2003.

May 1, 2003

Credit Suisse First Boston completes the sale of Pershing to The Bank of New York
On May 1, 2003, Credit Suisse First Boston announced the completion of the sale of its Pershing unit to The Bank of New York Company, Inc.

2002

Date

Description

February 1, 2002

Sale of CSFBdirect, Inc. USA
On February 1, 2002, Credit Suisse First Boston (USA), Inc. completed the previously announced sale of CSFBdirect Inc., its US-based online trading operations, to the Bank of Montreal.

February 1, 2002

Sale of Autranet
On February 1, 2002, Credit Suisse First Boston (USA), Inc. completed the previously announced sale of Autranet, a broker-dealer subsidiary active in the distribution to institutional investors of investment research products purchased from independent research specialists, to The Bank of New York.

January 25, 2002

Sale of DLJdirect, Ltd. UK
On January 25, 2002, Credit Suisse First Boston (USA), Inc. completed the previously announced sale of DLJdirect Ltd., its UK-based online trading operations, to TD Waterhouse.

January 16, 2002

Credit Suisse First Boston announces acquisition of HOLT Value Associates LP, a leading provider of valuation software and independent research
Credit Suisse First Boston announced that it had entered into an agreement to acquire the assets of HOLT Value Associates LP, a leading provider of independent research and valuation services to asset managers.

2001

Date

Description

December 7, 2001

Acquisition of SLC Asset Management
On December 7, 2001, Credit Suisse Asset Management acquired SLC Asset Management Limited, SLC Pooled Pensions Limited and Sun Life of Canada Unit Managers Limited, the principal UK asset management subsidiaries of Sun Life Financial Services of Canada Inc. The companies are asset management companies with contracts for the management of the insurance assets (including property) of their former affiliate Sun Life Assurances Company of Canada (UK) Limited and third-party institutional and retail funds.

September 30, 2001

Acquisition of Commercial General Union
On September 30, 2001, Winterthur Insurance acquired the non-life insurance activities of Commercial General Union in Belgium.

August 14, 2001

Credit Suisse concludes purchase of General de Valores y Cambios
On August 14, 2001, Credit Suisse concluded its purchase of the securities trading company General de Valores y Cambios (G.V.C.), in Spain together with the G.V.C. collective fund management subsidiary.

June 30, 2001

Divestment of Winterthur International
Winterthur Insurance sold its large multinational corporate insurance business Winterthur International to the Bermuda-based financial services group XL Capital Ltd., effective June 30, 2001.

April 4, 2001

Acquisition of Vojensky Otevreny Penzijni Fond (VOPF)
On April 4, 2001, Winterthur Life & Pensions acquired one of the largest Czech pension funds, Vojensky Otevreny Penzijni Fond (VOPF). The Group acquired 93.28% of total capital on January 18, 2001, and 6.66% of total capital on May 9, 2001.

February 7, 2001

Acquisition of JO Hambro Investment Management Limited
On February 7, 2001, Credit Suisse Private Banking acquired JO Hambro Investment Management Ltd., an investment company targeting high-net-worth individuals.

1997 - 2000

Date

Description

November 3, 2000

Acquisition of Donaldson Lufkin & Jenrette
On November 3, 2000, Credit Suisse Group acquired Donaldson, Lufkin & Jenrette, Inc., a US-based investment bank and financial services provider, serving institutional, corporate, government and individual clients.

July 1999

Acquisition of Warburg Pincus Asset Management
The US asset manager, which became part of Credit Suisse Asset Management, was acquired on July 6, 1999.

July 31, 1998

Acquisition of Banco de Investimentos Garantia S.A.
Garantia Limited, and some of its subsidiaries and affiliates, which we collectively refer to as Garantia, were acquired on July 31, 1998. These operations became part of Credit Suisse First Boston except for the asset management business, which became part of Credit Suisse Asset Management. Garantia's principal business activities are fixed income and equity trading, asset management and investment banking in Brazil.

1998

Sale of reinsurance operations
In 1998, Winterthur sold its reinsurance operations, which included European business written through the Winterthur legal entity as well as certain legal entities in the US, to Partner Re. In addition, we disposed of our 51.2% interest in HIH Winterthur, our Australian non-life operations.

December 15, 1997

Merger with Winterthur
On December 15, 1997, Credit Suisse Group merged with Winterthur Swiss Insurance Company, which provides insurance solutions to a worldwide clientele.

January 1, 1997

Reorganization and rebranding
CS Holding changed its name to Credit Suisse Group as of January 1, 1997, and the Group presented a new face to customers and the general public. Credit Suisse Group's reorganization was aimed at strengthening its focus on specific customer groups and concentrating on financial services. Four business units were formed - for retail customers in Switzerland, wealthy private clients around the world, international corporate customers/investment banking, and asset management for institutional investors.

1996 and before

Date

Description

December 1996

Sale of Elektrowatt AG
CS Holding's focus on its core competencies was confirmed by the sale of Elektrowatt AG, the energy and engineering business, in December 1996.

1995

Strategic alliance with Winterthur Group
In 1995, CS Holding entered into a strategic alliance with Winterthur, one of Europe's leading primary insurers.

1993

Volksbank
In 1993, CS Holding acquired Volksbank, the fourth largest Swiss bank at the time.

1990

Bank Leu
In 1990, CS Holding acquired Bank Leu, which provides private banking services in Switzerland.

1990

CS Holding increases its interest in CSFBI
CS Holding increased its interest in CSFBI to 73.5%

1990

CS Holding acquires an interest in CS First Boston, Inc
FBI changed its name to CS First Boston, Inc. (CSFBI) and CS Holding acquired a 44.5% interest in CSFBI.

1978

Beginning of cooperation with First Boston, Inc.
Beginning of cooperation with First Boston Inc. (FBI), which was to develop into one of the world's leading Euromarket houses.

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