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Credit Suisse First Boston completes sale of Pershing to The Bank of New York

Credit Suisse First Boston (CSFB) announced on May 1 that it has completed the sale of its Pershing unit to The Bank of New York Company, Inc. for US$2 billion in cash, together with the repayment of a US$480 million subordinated loan. CSFB and Credit Suisse Group will receive in excess of US$2.5 billion in liquidity and a significant improvement in capital adequacy. As previously announced, the Firm reported an after tax loss of US$250 million for this sale and a charge for this expected loss was reflected in CSFB and Credit Suisse Group’s fourth quarter 2002 results. Due to closing adjustments, CSFB delivered entities with US$645 million of equity rather than the US$600 million originally contemplated.

Document	Language	Format
Press Release May 1, 2003	English	HTML
Press Release January 18, 2003	English	HTML
Press Release January 18, 2003	English	HTML