Credit Suisse said on Thursday it is selling its exchange-traded fund business to U.S. rival BlackRock Inc. for an undisclosed price. "The acquisition we are announcing today represents BlackRock's continued commitment to the Swiss market and underpins the importance we place on meeting the needs of our clients," Laurence Fink, the U.S.-based asset manager's chairman and Chief Executive said in a statement.The Swiss bank's ETF business was put on the block last July as part of a plan to bolster capital by 15.3 billion Swiss francs ($16.50 billion), including by issuing convertible bonds and selling prime Zurich real estate and other assets.
BlackRock, Inc. (BlackRock) is an independent investment management firm. Shares of BLK traded higher by 0.26% or $0.56/share to $214.82. In the past year, the shares have traded as low as $160.25 and as high as $218.86. On average, 735225 shares of BLK exchange hands on a given day and today's volume is recorded at 685005.
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