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Credit Suisse agrees to sell ETF business to BlackRock

Credit Suisse (CS) announced that it has signed an agreement to sell its exchange traded funds business to BlackRock (BLK). The sale is part of Credit Suisse’s strategic divestment plans that were announced on July 18, 2012. It comprises Credit Suisse’s ETF business with assets under management of CHF 16.0B as of November 30, 2012. The transaction is subject to customary closing conditions, including regulatory approvals and is expected to complete by the end of the second quarter of 2013. The terms of the deal are not being disclosed.