Credit Suisse has agreed a $384 million all-share deal to take control of Asset Management Finance Corporation from its Canadian bank owners in a deal that underscores the strength of the Swiss bank's equity despite the ravages of the credit crunch.

The Swiss bank made an acquisition of an 80 per cent cent stake in AMF, a New York based firm that provides capital for fund managers.

Brian Finn, chairman of Credit Suisse's alternative investments business, said the deal marked the latest in a string of strategic acquisitions by the division, which has stakes with investment managers worldwide including Abu Dhabi Future Energy Company, Gulf Capital Partners and China Renaissance Capital Investment.

He said the agreement was expected to be completed later today. The Canadian bank and Tokio Marine & Nichido Fire of Japan will retain an investment and board-level representation at AMF.

Credit Suisse has remained relatively unscathed by the international financial crisis, which has ravaged the balance sheets of its rivals, particularly UBS, the hardest hit of Europe's banks. The bank will be issuing new shares to fund the acquisition.

AMF, founded four years ago, is owned by National Bank Financial of Canada and provides capital to investment managers in exchange for a passive, non-voting interest in the company. It has completed 12 investments so far with traditional and alternative funds with a total of about $50 billion of assets under management.

Norton Reamer, AMF's current president and chief executive, retains his equity stake. He and the rest of AMF's management team will stay on and manage the company's day-to-day affairs.

The bank's stock dropped 1.88 per cent, down SwFr0.94 at SwFr48.94 in morning deals.

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