Credit Suisse, Fortis Bank Nederland in exclusive talks over Prime Fund Solutions purchase

Credit Suisse has announced that it is in exclusive talks with Fortis Bank Nederland with a view to buying the latter’s alternative asset management services division, Prime Fund Solutions.

The Swiss bank said that the purchase would “complement [its] industry-leading prime services business and would be in line with the Bank’s client-focused, capital-efficient strategy” but did not provide any further details.

Fortis Bank confirmed that exclusive negotiations were taking place with Credit Suisse and said that more information would be made public “when appropriate”.

Prime Fund Solutions was launched in 1969 and operates throughout the world, offering services such as custody and administration.

Fortis Bank Nederland was hit hard in the financial crisis of the last two years and was nationalised in October 2008, leading to a series of sales of its assets ahead of a planned merger with ABN AMRO.

Credit Suisse performed relatively strongly during the crisis but this week it was revealed that the bank is to pay a USD 536 million fine in the USA for violating sanctions against Iran.