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Sunday, February 8, 2015

Credit Suisse to launch specialty finance company -WSJ, (NYSE: CS)

Credit Suisse Group AG is launching a specialty finance company to invest in the unrated debt of small or midsize U.S. companies, the Wall Street Journal reported on Sunday.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 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.

Credit Suisse Group AG is a Switzerland-based holding company engaged in private banking, investment banking and asset management areas. Shares of CS fell by 0.82% or $-0.18/share to $21.77. In the past year, the shares have traded as low as $21.01 and as high as $33.23. On average, 1191160 shares of CS exchange hands on a given day and today's volume is recorded at 1048615.