© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann
ZURICH (Reuters) - Credit Suisse has entered into definitive agreement to sell a significant part of its Securitized Products Group and other related financing businesses to Apollo Global Management (NYSE:APO), the Swiss bank said on Tuesday.
The transaction and sale of other portfolio assets to third-party investors was expected to reduce SPG assets from $75 billion to around $20 billion through a series of transactions expected to be completed by mid-2023, it said without giving a sale price.
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