Digital World Acquisition Corp
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Company profile

Digital World Acquisition Corp is a blank check company. The Company is formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The Company intends to focus on companies in the healthcare industry in the United States. The Company is not engaged in any business operations and has not generated any revenue.

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Credit Suisse to sell parts of securitized assets to Apollo-led investor group, raise up to $4.06 billion via new shares

2:13 am ET October 27, 2022 (MarketWatch)

By Ed Frankl

Credit Suisse Group AG outlined its latest strategic plan on Thursday, its latest attempt to rehabilitate its reputation after a series of scandals and multiple quarters of losses.

The Swiss bank (CSGN.EB) said it will sell a large portion of its securitized products group business to an investor group led by Apollo Global Management Inc., (APO) and intends to raise up to 4 billion Swiss francs ($4.06 billion) through issuing new shares.

Saudi National Bank has committed to invest up to CHF1.5 billion to reach a shareholding of 9.9%, Credit Suisse said.

The Zurich-based bank said it aimed to reduce the group's cost base by 15%, or around CHF2.5 billion, to around CHF14.5 billion in 2025.

It said it would target strengthening its capital ratios, with a common equity Tier 1 ratio of 13.5% by 2025.

It will also resurrect the First Boston brand as an independent capital markets and advisory bank, it said.

The bank estimates restructuring charges, software and real-estate impairments in connection with the transformation of CHF2.9 billion over a period from the fourth quarter to 2024, funded through divestments, exits, and existing resources.

The lender will hold an extraordinary shareholder meeting on Nov. 23.

The update comes as Credit Suisse posted a net loss of more than CHF4 billion in its third-quarter results.

Write to Ed Frankl at

-Ed Frankl


(END) Dow Jones Newswires

October 27, 2022 02:13 ET (06:13 GMT)

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