Credit Suisse Group is selling part of its stake in Aberdeen Asset Management to raise as much as £205 million ($321 million), according to two people with knowledge of the transaction.
Credit Suisse is selling as many as 80.4 million Aberdeen shares for 245 pence to 255 pence each, a discount of as much as 7.4% to the closing price Monday, said the people, who asked not to be identified because the process is private.
The Swiss central bank said last month in its annual financial stability report that Credit Suisse has to increase its capital “substantially” this year. Pressure on earnings from weaker client activity is making it harder for the bank to accumulate capital and prepare for stricter regulatory requirements.
The Swiss bank is reducing its stake in Aberdeen as the money manager’s stock gained about 25% this year, compared with an increase of 1% in the U.K. benchmark FTSE 100 index, according to data compiled by Bloomberg.
Credit Suisse is selling about 7% of the company in the offering, according to a term sheet for the sale obtained by Bloomberg.