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Credit Suisse First Boston completes sale of Pershing to The Bank of New York
Credit Suisse First Boston (CSFB) announced on May 1 that it has completed the sale of its Pershing unit to The Bank of New York Company, Inc. for US$ 2 billion in cash, together with the repayment of a US$ 480 million subordinated loan. CSF Band Credit Suisse Group will receive in excess of US$ 2.5 billion in liquidity and a significant improvement in capital adequacy. As previously announced, the Firm reported an after tax loss of US$ 250 million for this sale and a charge for this expected loss was reflected in CSFB and Credit Suisse Group’s fourth quarter 2002 results. Due to closing adjustments, CSFB delivered entities with US$ 645 million of equity rather than the US$ 600 million originally contemplated.
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Press Release May 1, 2003 |
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Press Release January 18, 2003 |
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Press Release January 18, 2003 |
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