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Credit Suisse to launch speciality finance company - WSJ
February 9, 2015 / 12:20 AM / 3 years ago

Credit Suisse to launch speciality finance company - WSJ

(Reuters) - Credit Suisse Group AG CSGN.VX is launching a speciality finance company to invest in the unrated debt of small or midsize U.S. companies, the Wall Street Journal reported on Sunday.

A national flag of Switzerland flies in front of a branch office of Swiss bank Credit Suisse in Luzern October 30, 2014. REUTERS/Arnd Wiegmann

The company, Credit Suisse Park View BDC Inc, will be a business development company, according to the report. Credit Suisse said in a regulatory filing last month it aims to raise $500 million (328 million pounds) by selling shares at $10.14 each, the paper said.

The business development company will operate as part of the bank’s asset management unit, Credit Suisse Asset Management LLC, whose Credit Investment Group oversees $36 billion in assets. The asset manager will earn fees for managing the BDC, according to the Journal report.

A spokeswoman for Credit Suisse declined to comment.

Reporting by Jessica Toonkel; Editing by Eric Walsh

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