Credit Suisse to grow shipbuilding funds

Financial services company Credit Suisse Group said Friday it signed a memorandum of understanding to develop additional financing of up to $1 billion and provide services for Vietnam's shipbuilding industry.

Credit Suisse has arranged $600 million in loans for the country's state-owned shipbuilding group, Vinashin, so far this year through an existing financing agreement.

Credit Suisse shares rose 49 cents to $66.46 in afternoon trading.

Source:BusinessWeek