Bank gets stake in British investment firm

Credit Suisse Group said today it is selling parts of its asset management business to Aberdeen Asset Management PLC in return for a 24.9% interest in the British investment firm.

The move will see Switzerland’s No 2 bank transfer some £49bn (€50.25bn) in managed assets to Aberdeen.

Credit Suisse said it will receive almost a quarter of Aberdeen’s future stock in return, valued at £249m (€255m), and take a seat on Aberdeen’s board.

The transaction requires approval from regulators and Aberdeen’s shareholders, and is expected to be completed in the second quarter of 2009, Credit Suisse said.

The bank said it expects to book a £392m (€402m) goodwill charge as a result of the transaction.