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Credit Suisse Said to Sell Distressed Assets in Thiam Reboot

  • The bank has been marketing small blocks of illiquid loans
  • Asset managers expressed interest in buying its entire holding
Updated on

Credit Suisse Group AG has begun selling $1.9 billion of distressed-debt holdings that triggered losses at the end of last year, as part of an overhaul by Chief Executive Officer Tidjane Thiam, people with knowledge of the matter said.

The Zurich-based lender has been marketing small blocks of its hard-to-sell loans to hedge funds and money managers who purchase distressed debt, said the people, asking not to be identified because the information isn’t public. The bank has also been contacted by asset managers interested in buying its entire distressed-debt book, but none of the offers were considered viable, two of the people said.