August 12, 1997 in Nation/World

Credit Suisse Plans To Acquire Chief Rival

Compiled From Wire Services

Suisse banking group said Monday it will buy Winterthur, Switzerland’s second-biggest insurance company, for about $9 billion worth of stock to form one of the world’s biggest financial services companies.

The deal would push the group into the top 10 global providers of banking and insurance services, with a client base of 15 million people and institutions.

The group would manage funds totaling $465 billion - the third highest worldwide, according to the two companies. U.S.-based Fidelity leads with client funds of $520 billion.

No more than 500 jobs worldwide would be lost, Credit Suisse said.

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