Credit Suisse Silently Invested $100M In Alibaba Subsidiary Ant Financial, Set To Benefit Immensely In Public Debut
by swisschambei in Bank / Finance / Insurance
Credit Suisse Group AG is set to reap the benefits of a secret investment it made in Alibaba Group Holding Ltd. (NYSE: BABA) subsidiary Ant Financial Services Group, as the latter goes public in Hong Kong and Shanghai, Bloomberg reported. The Swiss bank invested $100 million during the Chinese financial firm’s latest funding round in 2018, which brought Ant’s valuation to $150 billion, according to Bloomberg. Asset management firm Bernstein projects Ant Financial’s valuation to be $210 billion, a premium of 40% over Credit Suisse’s investment. The lender didn’t previously disclose the amount it invested in Ant and does not have plans to sell its stake, people familar with the matter told Bloomberg.