C Suisse takes another $100m writedown on credit portfolio

Credit Suisse Tower

Credit Suisse will take another around $100m writedown as part of the sale of assets in its distressed credit portfolio to U.S. investment firm TPG's TSSP, with most of the charge reflected in the bank's first-quarter results.

Reuters reports that the charge comes after Credit Suisse in March announced that it would be taking $346m in writedowns in the first quarter as of March 11.

TSSP is buying credit assets for about $1.27bn, the companies said on Tuesday in a joint statement. Additional terms of the transaction were not disclosed.

The charge adds to the roughly $1bn in writedowns that Credit Suisse Chief Executive Thiam Tidjane has announced over the past two quarters as he seeks to clean up problems at the bank since taking over last year.

The bank has previously said there were "no blind spots" in its portfolio that triggered the writedowns.

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Credit Suisse takes another $100 million writedown on credit portfolio

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