Credit Suisse sells fintech stake ahead of strategic overhaul

Swiss bank Credit Suisse has sold its stake in a Spanish digital wealth platform as part of a strategic overhaul aimed at reviving its ailing fortunes. Credit Suisse said on Friday that it realised €334 million (CHF328 million) by selling its 8.6% stake in the Allfunds group. The bank, which will unveil its wide-ranging strategy plan on October 27, is also rumoured to be planning the sale of a Swiss hotel and parts of its business. Credit Suisse took a stake in Allfunds in 2019, merging its InvestLab unit with the fintech to create a €500 billion digital funds distribution platform. But the Swiss bank has since floundered amid a myriad of legal issues and huge market losses. New CEO Ulrich Körner has been charged with reviving the bank’s fortunes with a strategic re-think. Credit Suisse has achieved one legal victory after a United States court cleared the bank of rigging prices in the foreign exchange markets. The jury has cleared the bank of allegations of market fixing...