March 3, 2017 / 10:11 AM / 7 months ago

Credit Suisse hires IR manager for possible Swiss unit IPO

The logo of Swiss bank Credit Suisse is seen on an office building in Zurich, Switzerland, December 23, 2016. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Credit Suisse (CSGN.S) has hired an investor relations manager for its Swiss entity, a bank spokesman said on Friday, as it moves ahead with plans to spin off a minority stake in its domestic bank.

The spokesman did not name the person hired this year. The move comes amid uncertainty over whether the partial initial public offering (IPO) of Credit Suisse (Schweiz) AG will go ahead as planned.

Credit Suisse announced plans in October 2015 to raise up to 4 billion Swiss francs ($3.95 billion) by floating 20-30 percent of its Swiss legal entity, considered one of the group’s crown jewels for its profitability.

It has pencilled in the IPO for the second half of this year, market conditions permitting and subject to board approval.

Since the start of this year, some analysts and investors have speculated that the bank could reconsider selling a stake, although group Chief Executive Tidjane Thiam said last month the bank is still preparing for the IPO.

However, Thiam also left the door open to alternative options to strengthen the group’s balance sheet “if there are ways to reach a more attractive risk/reward outcome for our shareholders”.

Reporting by Joshua Franklin; Editing by Susan Fenton

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