ZURICH Jan 10 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