10/7, 9:25 PM (Source: TeleTrader)
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Credit Suisse gets 10 offers for unit - report

Credit Suisse Group AG is accelerating the implementation of the plan to restructure the bank, The Wall Street Journal reported on Friday, citing anonymous insiders with knowledge of the issue.

The Swiss lender's securitized products unit has generated a lot of interest, with around 10 bidders, including Sixth Street Partners, Centerbridge Partners LP and Apollo Global Management Inc., competing over the business.

Earlier in the day, Credit Suisse announced a bond buyback. That and other moves, including the sale of the aforementioned securitized products group, will be detailed on October 27, when the bank will present a strategy update, according to the report.

Baha Breaking News (BBN) / MS