© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen below the Swiss national flag at a building in the Federal Square in Bern May 15, 2014. REUTERS/Ruben Sprich/
(Reuters) – Credit Suisse Group AG is close to an agreement to acquire former Citigroup (NYSE:) executive Michael Klein’s advisory boutique, Bloomberg News reported on Monday.
The Swiss bank will value M. Klein & Company at around a few hundred million dollars, the report said, citing people familiar with the matter.
Credit Suisse declined to comment on the report. M. Klein & Co did not immediately respond to a Reuters’ request for comment.
In late October, Klein stepped down from the Credit Suisse board to work on the investment banking division that will be spun off and rebranded CS First Boston.
The potential deal is expected to allow M. Klein & Co. shareholders to take an eventual stake in CS First Boston using proceeds from the sale, Bloomberg said.
Klein is set to become CEO of the business in 2023, pending regulatory approvals.
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