Credit Suisse sells Aberdeen

CREDIT Suisse sold its seven per cent stake in fund manager Aberdeen Asset Management yesterday as part of its efforts to substantially increase its capital.

The Swiss bank planned to sell 80.4m shares for 245p to 255p each, raising as much as £205m.

A source close to the deal confirmed the shares were snapped up in around 15 minutes during late afternoon, mostly selling at the top end of the price range – a two per cent discount on Aberdeen’s 260p closing price on Friday.

Its shares rose 1.9 per cent to 265p yesterday.