Credit Suisse Drops After SPG Sale to Apollo Leaves Questions
- Analysts point to lack of details in SPG asset sale to Apollo
- SPG sale is critical part of plans to cut investment bank risk
This article is for subscribers only.
Credit Suisse AG declined the most among major European banks after analysts pointed to the lack of financial details surrounding the agreed sale of a large part of its securitized products business to Apollo Global Management Inc.
The Zurich-based lender’s stock declined as much as 2.4% on Tuesday, making it the day’s worst performer so far among the Bloomberg Europe Bank and Financial Services index. The shares have lost more than half their value this year.