Credit Suisse Seeks Premium in Swiss Unit Sale, Illy Says

  • Bank says planning to hold initial public offering in 2017
  • Credit Suisse to leverage market value to buy Swiss assets

Credit Suisse Group AG’s plans for its new Swiss unit are “advanced,” and the bank may seek as much as twice the book value of the domestic business in an initial public offering, said Marco Illy, who heads the Swiss investment bank.
Illy, who sits on the Swiss unit’s management board, said in an interview that he expects investors to pay a premium based on studies of about 30 comparable, universal European banks, those offering the gamut of services from consumer lending to asset and wealth management.

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