Acquisitions / Divestitures

An overview of key mergers, acquisitions and divestitures at Credit Suisse Group.

2008

August 26, 2008

Credit Suisse Acquires Majority Interest in Asset Management Finance Corporation Credit Suisse Group today announced the acquisition on behalf of its Alternative Investments business of a majority interest in Asset Management Finance Corporation (AMF) from National Bank of Canada's merchant banking subsidiary (National Bank). Credit Suisse Group will acquire over 80% of AMF for USD 384 million of newly issued Credit Suisse Group stock.

April 22, 2008

Credit Suisse strengthens private banking capabilities in Australia Credit Suisse announced today that it has agreed to acquire the corporate advisory business of Hindal. This acquisition will further strengthen Credit Suisse's private banking capabilities in Australia through providing corporate advisory services to small-to-mid cap businesses.

2007

November 1, 2007

Credit Suisse completes acquisition of Hedging-Griffo Credit Suisse announced today that it has completed the acquisition of a majority interest in Hedging-Griffo, a leading independent asset management and private banking firm in Brazil.

2006

December 22, 2006	Credit Suisse Group completes sale of Winterthur to AXA Credit Suisse Group announced today that it has completed the sale of 100% of Winterthur Swiss Insurance Company ("Winterthur") to AXA, finalizing the agreement first announced on June 14, 2006.
December 21, 2006	Credit Suisse To Acquire Majority Interest in Hedging-Griffo, A Leading Brazilian Wealth Manager Credit Suisse announced today that it has signed an agreement to acquire a majority interest in Hedging-Griffo, a leading independent Asset Management and Private Banking company in Brazil for CHF 358 million in cash (USD 294 million/BRL 635 million).
June 14, 2006	Credit Suisse Group sells Winterthur to AXA Credit Suisse Group today announced that it has entered into a definitive agreement for the sale of Winterthur Swiss Insurance Company ("Winterthur"), its insurance business, to AXA for a cash consideration of CHF 12.3 billion. AXA will acquire 100% of Winterthur. The transaction is subject to customary regulatory approvals and closing conditions and is expected to close around year-end 2006.

2004

December 24, 2004	Credit Suisse Group sells its minority stake in the operations of Warburg Pincus CreditSuisse Group announced the sale of its 19.9% stake in the operations of Warburg Pincus, the private equity firm, on December 24, 2004. The interest was repurchased by Warburg Pincus and the transaction closed on December 31, 2004.
November 4, 2004	Winterthur sells L'Unique Compagnie d'Assurances Générales Winterthur announced the sale of its Canadian subsidiary L’Unique Compagnie d’Assurances Générales to La Capitale Assurances Générales Inc., on November 4, 2004. The sale was completed on November 22, 2004.
July 1, 2004	Winterthur Life sells PPML to The Capita Group Plc The sale of Winterthur Life's UK pensions administration subsidiary Personal Pensions Management Limited ("PPML"), which was announced on May 18, 2004, closed on July 1, 2004.
March 29, 2004	Winterthur sells its French subsidiary Rhodia Assurances S.A. to April Group Winterthur announced the sale of its French subsidiary Rhodia Assurances S.A. to April Group on March 29, 2004. The transaction closed on July 8, 2004.
February 3, 2004	Credit Suisse sells General de Valores Y Cambios brokerage business Credit Suisse announced the sale of its Spanish brokerage operation, General de Valores y Cambios Sociedad de Valores S.A. (GVC) on February 3, 2004. The transaction closed on the same date.

2003

December 12, 2003	Credit Suisse sells its shareholding in Cornèr Banca S.A. On December 12, 2003, Credit Suisse announced the sale of its shareholding in Cornèr Banca S.A. to Finmec Holding S.A., the controlling shareholder, which is owned by the Cornaro, Piotrkowski and Dollfus families. The transaction closed on December 18, 2004.
September 26, 2003	Winterthur Group completes the sale of its Italian insurance operations to Unipol Winterthur Group announced the completion of the sale of its Italian insurance operations to Unipol Assicurazioni SpA, on September 26, 2004. The sale was announced in June 2003.
September 1, 2003	Winterthur Group completes the sale of Churchill to The Royal Bank of Scotland Group Winterthur Group announced the completion of the sale of its UK non-life insurer Churchill to The Royal Bank of Scotland Group on September 1, 2003.
May 26, 2003	Credit Suisse and UBS sell their holding in Swiss Steel Credit Suisse and UBS announced the sale of their holding of 50.5% of Swiss Steel's share capital to SBGE Stahl Holding on May 26, 2003.
May 22, 2003	Credit Suisse First Boston agrees to acquire Volaris Advisors Credit Suisse First Boston announced that it had agreed to acquire Volaris Advisors, a New York-based equity-options strategies firm. Volaris provides yield-enhancement and volatility management services to private clients, foundations, endowments and institutions.
May 12, 2003	Winterthur sells its US-based Republic Group of Companies to Investor Group led by Wand Partner On May 12, 2005, Winterthur announced the sale of its Republic group of companies, Winterthur’s regional operation in the Southwestern US, to an American investor group led by Wand Partners Inc. The transaction was completed on August 31, 2003.
May 1, 2003	Credit Suisse First Boston completes the sale of Pershing to The Bank of New York On May 1, 2003, Credit Suisse First Boston announced the completion of the sale of its Pershing unit to The Bank of New York Company, Inc.

2002

February 1, 2002	Sale of CSFBdirect, Inc. USA On February 1, 2002, Credit Suisse First Boston (USA), Inc. completed the previously announced sale of CSFBdirect Inc., its US-based online trading operations, to the Bank of Montreal.
February 1, 2002	Sale of Autranet On February 1, 2002, Credit Suisse First Boston (USA), Inc. completed the previously announced sale of Autranet, a broker-dealer subsidiary active in the distribution to institutional investors of investment research products purchased from independent research specialists, to The Bank of New York.
January 25, 2002	Sale of DLJdirect, Ltd. UK On January 25, 2002, Credit Suisse First Boston (USA), Inc. completed the previously announced sale of DLJdirect Ltd., its UK-based online trading operations, to TD Waterhouse.
January 16, 2002	Credit Suisse First Boston announces acquisition of HOLT Value Associates LP, a leading provider of valuation software and independent research Credit Suisse First Boston announced that it had entered into an agreement to acquire the assets of HOLT Value Associates LP, a leading provider of independent research and valuation services to asset managers.

2001

December 7, 2001	Acquisition of SLC Asset Management On December 7, 2001, Credit Suisse Asset Management acquired SLC Asset Management Limited, SLC Pooled Pensions Limited and Sun Life of Canada Unit Managers Limited, the principal UK asset management subsidiaries of Sun Life Financial Services of Canada Inc. The companies are asset management companies with contracts for the management of the insurance assets (including property) of their former affiliate Sun Life Assurances Company of Canada (UK) Limited and third-party institutional and retail funds.
September 30, 2001	Acquisition of Commercial General Union On September 30, 2001, Winterthur Insurance acquired the non-life insurance activities of Commercial General Union in Belgium.
August 14, 2001	Credit Suisse concludes purchase of General de Valores y Cambios On August 14, 2001, Credit Suisse concluded its purchase of the securities trading company General de Valores y Cambios (G.V.C.), in Spain together with the G.V.C. collective fund management subsidiary.
June 30, 2001	Divestment of Winterthur International Winterthur Insurance sold its large multinational corporate insurance business Winterthur International to the Bermuda-based financial services group XL Capital Ltd., effective June 30, 2001.
April 4, 2001	Acquisition of Vojensky Otevreny Penzijni Fond (VOPF) On April 4, 2001, Winterthur Life & Pensions acquired one of the largest Czech pension funds, Vojensky Otevreny Penzijni Fond (VOPF). The Group acquired 93.28% of total capital on January 18, 2001, and 6.66% of total capital on May 9, 2001.
February 7, 2001	Acquisition of JO Hambro Investment Management Limited On February 7, 2001, Credit Suisse Private Banking acquired JO Hambro Investment Management Ltd., an investment company targeting high-net-worth individuals.

1997 - 2000

November 3, 2000	Acquisition of Donaldson Lufkin & Jenrette On November 3, 2000, Credit Suisse Group acquired Donaldson, Lufkin & Jenrette, Inc., a US-based investment bank and financial services provider, serving institutional, corporate, government and individual clients.
July 1999	Acquisition of Warburg Pincus Asset Management The US asset manager, which became part of Credit Suisse Asset Management, was acquired on July 6, 1999.
July 31, 1998	Acquisition of Banco de Investimentos Garantia S.A. Garantia Limited, and some of its subsidiaries and affiliates, which we collectively refer to as Garantia, were acquired on July 31, 1998. These operations became part of Credit Suisse First Boston except for the asset management business, which became part of Credit Suisse Asset Management. Garantia's principal business activities are fixed income and equity trading, asset management and investment banking in Brazil.
1998	Sale of reinsurance operations In 1998, Winterthur sold its reinsurance operations, which included European business written through the Winterthur legal entity as well as certain legal entities in the US, to Partner Re. In addition, we disposed of our 51.2% interest in HIH Winterthur, our Australian non-life operations.
December 15, 1997	Merger with Winterthur On December 15, 1997, Credit Suisse Group merged with Winterthur Swiss Insurance Company, which provides insurance solutions to a worldwide clientele.
January 1, 1997	Reorganization and rebranding CS Holding changed its name to Credit Suisse Group as of January 1, 1997, and the Group presented a new face to customers and the general public. Credit Suisse Group's reorganization was aimed at strengthening its focus on specific customer groups and concentrating on financial services. Four business units were formed - for retail customers in Switzerland, wealthy private clients around the world, international corporate customers/investment banking, and asset management for institutional investors.

1996 and before

December 1996	Sale of Elektrowatt AG CS Holding's focus on its core competencies was confirmed by the sale of Elektrowatt AG, the energy and engineering business, in December 1996.
1995	Strategic alliance with Winterthur Group In 1995, CS Holding entered into a strategic alliance with Winterthur, one of Europe's leading primary insurers.
1993	Volksbank In 1993, CS Holding acquired Volksbank, the fourth largest Swiss bank at the time.
1990	Bank Leu In 1990, CS Holding acquired Bank Leu, which provides private banking services in Switzerland.
1990	CS Holding increases its interest in CSFBI CS Holding increased its interest in CSFBI to 73.5%
1990	CS Holding acquires an interest in CS First Boston, Inc FBI changed its name to CS First Boston, Inc. (CSFBI) and CS Holding acquired a 44.5% interest in CSFBI.
1978	Beginning of cooperation with First Boston, Inc. Beginning of cooperation with First Boston Inc. (FBI), which was to develop into one of the world's leading Euromarket houses.