Oct 16 (Reuters) - Activist investor RBR Capital Advisors is launching a campaign for breaking up Swiss bank Credit Suisse Group AG into three parts, the Financial Times reported on Monday.
RBR Capital Advisors will reveal its plan later in the week at a conference in New York, the report added. (on.ft.com/2ytWR4g)
According to the report, the plan will offer the argument for a three-way split of Credit Suisse into an investment bank, an asset management group and a wealth manager accommodating the Switzerland-based bank’s retail and business banking operations.
The activist investor has a small stake in the bank of 0.2 to 0.3 percent of the share capital, the report said.
Commenting on the FT report, Credit Suisse spokeswoman Karina Byrne said, “While we welcome the views of all our shareholders, our focus is on the implementation of our strategy and of our three-year plan, which is well on track and which we believe will unlock considerable value for our clients and shareholders.”
RBR Capital Advisors did not respond to requests for comment outsider regular business hours.
Credit Suisse Chief Executive Tidjane Thiam, in the job since July 2015, has restructured the bank to focus on wealth management and less on investment banking, while the Swiss lender has been hit by billions in fines and write-downs.
Earlier this year, RBR Capital Advisors launched a campaign against Swiss money manager GAM Holding AG to gain three GAM board seats and replace the company’s leadership. (Reporting by Kanishka Singh in Bengaluru; Editing by Lisa Shumaker)