ZURICH, Switzerland, Sept. 26, 2003 (PRIMEZONE) -- Winterthur Group announced today that it has completed the sale of its Italian insurance operations to Unipol Assicurazioni SpA. At completion, Winterthur Group received cash consideration of EUR 1.465 billion. The transaction will result in a capital gain to be recorded in Credit Suisse Group's (NYSE:CSR) (Other OTC:CSGKF) third quarter results.
Winterthur Group and Unipol entered into the agreement to sell Winterthur's Italian operations on June 22, 2003. Under the terms of the agreement, the buyer is expected to continue using the Winterthur brand for a transitional period ending mid-year 2004.
Winterthur Italy is based in Milan and writes both life and non-life business. In 2002, aggregate premium volume was EUR 2.04 billion. Winterthur Italy offers tailor-made, innovative and high-quality insurance products to approximately 1.9 million customers. Its current book of business is split into 65% non-life business and 35% life business.
Inquiries: Winterthur, Media Relations Tel. +41 52 261 77 44 Credit Suisse Group, Media Relations Tel. +41 1 333 88 44 Internet The media release is available at: www.winterthur.com
Winterthur Group
Winterthur Group is a leading Swiss insurance company with head office in Winterthur. As an international company, the Group provides a broad range of property and liability insurance products, as well as insurance solutions in life and pensions that are tailored to the individual needs of private and corporate clients. Winterthur Group has approximately 23,000 employees worldwide. The company achieved a premium volume of CHF 37.4 billion in 2002 and reported assets under management of CHF 149.6 billion as of June 30, 2003.
Credit Suisse Group
Credit Suisse Group is a leading global financial services company headquartered in Zurich. The business unit Credit Suisse Financial Services provides private clients and small and medium-sized companies with private banking and financial advisory services, banking products, and pension and insurance solutions from Winterthur. The business unit Credit Suisse First Boston, an investment bank, serves global institutional, corporate, government and individual clients in its role as a financial intermediary. Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and Frankfurt, and in the form of American Depositary Shares (CSR) in New York. The Group employs around 64,000 staff worldwide. As of June 30, 2003, it reported assets under management of CHF 1,234.2 billion.
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http://reports.huginonline.com/918778/123446.pdf
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