Credit Suisse sells building in Geneva for US$217m

CREDIT Suisse has sold one of its buildings in the heart of Geneva for just over US$217 million to an investment foundation, the foundation confirmed on Thursday (Dec 22).

The Swiss bank, which is trying to recover from a string of scandals, is set to remain a long-term tenant of the building.

Credit Suisse has been working on possible asset and business sales in a bid to return to profitability.

In October it emerged that the bank was trying to sell the Savoy Hotel on Paradeplatz in the centre of Zurich’s financial district.

A source familiar with the matter said Credit Suisse has been selling buildings for a while.

“It’s totally unrelated to the restructuring plan announced on Oct 27,” this person said. REUTERS