Credit Suisse is getting back to its core banking roots, the Swiss bank says, by announcing that it will sell off its Winterther insurance business.
Credit Suisse says by shedding its insurance business, it can return to focusing on asset management and its central role as a bank.
French insurance firm AXA has reportedly offered $8 billion for the insurance segment of Credit Suisse.
Credit Suisse picked up Winterthur in 1997 to increase its product offerings to clients, but its effort to sell off the business follows similar efforts by Citigroup and JP Morgan, who have both sold their insurance businesses and returned to focusing primarily on investment banking.