BlackRock buys Credit Suisse unit

BlackRock is to buy Credit Suisse’s exchange-traded fund (ETF) business, which will give the US asset manager greater scale in Europe. The price tag on the deal, announced yesterday, was not disclosed, but two sources familiar with the matter put it at between $200m (£123.8m) and $300m. For Credit Suisse, the disposal marks another step to bolster capital in line with tough new requirements on banks after the financial crisis.