Credit Suisse Outlines First Boston IPO Timeline As It Looks For Investors

Credit Suisse Group AG (NYSE:CS) CEO Ulrich Koerner expects to take the firm's carved-out investment bank public by 2025 as he continues to look for investors.
Credit Suisse is likely to remain a majority shareholder in the investment banking unit.
"We have a very clear plan to put it into the market, creating a liquidity event, most likely an IPO, and expect such an event in 2025," Ulrich Koerner said in an interview with Bloomberg TV's Francine Lacqua.
Asked if the bank was closer to finding an anchor investor, Koerner said, "we are close to, but I don't know if it's an anchor investor. We have a lot of interest from third parties to be invested."
Also Read: Credit Suisse Warns 'Material Weaknesses' In Financial Reporting.
The First Boston spinoff was announced in October last year as a part of the Swiss bank's restructuring plan.
Last month, Credit Suisse agreed to buy Michael Klein's investment banking boutique for $175 million, with the full consideration valued at $210 million.
Credit Suisse announced that senior leaders in the carved-out unit are expected to receive up to 20% of shares.
Employees would receive restricted share units after an IPO, which would vest three years later and be subject to a further holding requirement.
Credit Suisse previously said it wants to be ready to list the unit by the end of 2024 or early 2025.
Price Action: CS shares are trading 1.57$ lower at $2.50 on the last check Tuesday.
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