Fortis Bank Nederland and Credit Suisse have announced that they have signed an agreement on the sale of PFS.

In December 2009, FBN entered into exclusive negotiations with Credit Suisse on the sale of PFS. This followed a strategic review by FBN in which it was concluded that it is in the interests of both FBN and PFS to look for a suitable partner to continue to drive the growth of PFS outside FBN. These negotiations have been successfully concluded by FBN and Credit Suisse entering into a sale and purchase agreement. It is anticipated that closing of the transaction will occur before the end of 2010.

Jan van Rutte, Vice-Chairman Fortis Bank Nederland: “This step allows Fortis Bank Nederland to re-focus on its core banking activities. We are confident that with Credit Suisse as the new owner, PFS will expand its market leadership through continued client servicing at the highest standards.”

Erik Jens, CEO Prime Fund Solutions: “PFS has a long and successful history of providing exceptional service and extensive range of fund administration, banking, custody and financing services to leading alternative investment funds globally. We are delighted with today’s announcement. Credit Suisse recognises the strengths of our business and its entrepreneurial approach mirrors the culture within PFS. This transaction creates a range of additional opportunities for PFS to further strengthen its leading global position in the alternative industry and accelerate growth for the benefit of our clients. Our product and service offering will continue to be seamless and business continuity for our
clients and their investors will not be affected by the transaction. PFS will continue to have its outside in view with product leadership, client partnership and operational excellence as drivers for further growth together with our clients.”