Apollo sets up new credit unit with bulk of Credit Suisse assets

Apollo sets up new credit unit with bulk of Credit Suisse assets

FILE PHOTO: The logo of Swiss bank Credit Suisse is seen in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd Wiegmann

Apollo Global Management Inc said on Wednesday it is creating a new credit unit that now oversees majority of assets it purchased from Credit Suisse Group as a part of the sale of Securitized Products Group (SPG).

Apollo bought most of the SPG assets held by Credit Suisse in November last year as a part of a sweeping revamp for the Swiss bank, without disclosing the sale price at that time.

The newly created unit, Atlas SP Partners, will focus on asset-backed financing and capital markets solutions under the leadership Credit Suisse’s Jay Kim, with Apollo owning the majority of the unit.

“At Apollo, we are excited to partner with ATLAS SP and accelerate our strategy to invest in more long-term, investment grade quality assets for our clients and strategic partners,” Apollo’s co-President Jim Zelter said in a statement.


Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

You have 3 free stories remaining for the month. Register to continue reading our content