Spain: Credit Suisse pension arm posts profit
SPAIN – Credit Suisse’s Spanish pensions business, Winterthur Pensions, recorded a 1.5 million-euro profit in 2002.
The Barcelona-based insurer Winterthur added that pension contributions fell 4.9% to 133 million euros. Assets under management were broadly similar to the 2001 figure at 811 million euros. The number of participations rose 3.5% to 82,421.
“In view of the nature of the assets handled, the management strategy employed by Winterthur Pensions is oriented towards obtaining long-term profitability,” the company says.
It also said it expects annual savings of around 12 million euros following a management reorganisation announced in February.
Last week parent company Credit Suisse said it expects “improved profitability” at the Winterthur division in the first quarter of 2003. The results are due next week.
Separately, Credit Suisse First Boston has completed the previously announced sale of its Pershing clearing unit to the Bank of New York for two billion dollars in cash.