UPDATE 1-Fortis Bank NL, Credit Suisse in PFS talks

Fri Dec 18, 2009 6:36am GMT

Quotes

   

* In talks on sale of Prime Fund Solutions business

* Fortis NL says negotiations exclusive (Adds details on PFS)

AMSTERDAM Dec 18 (Reuters) - Nationalised Dutch bank Fortis Bank Nederland [FORTH.UL] on Friday said it is in exclusive talks with Credit Suisse (CSGN.VX) on the sale of its Prime Fund Solutions fund services business.

FBN provided no further details, saying it would make more available "when appropriate."

Prime Fund Solutions, or PFS, provides fund services to the alternative asset management industry. The business, which dates to 1969, has offices around the world and serves clients from boutiques to pensions and sovereign wealth funds.

FBN, which was nationalised by the Dutch state in Oct. 2008, has been shedding assets all year.

In September it sold its trust and corporate management business Intertrust to a private equity firm, while its commercial banking unit was also said to be on the block at that time. [ID:nL4343648] [ID:nLN458927]

Earlier this year, sources said that Deutsche Bank (DBKGn.DE) was eyeing a purchase of the PFS business. [ID:nLI629685] (Reporting by Ben Berkowitz; Editing by Hans Peters)

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