Apollo launches new credit firm with bulk of Credit Suisse' assets

(Reuters) - Apollo Global Management Inc said on Wednesday it is creating a new credit unit that now oversees majority of assets it purchased from Credit Suisse Group as a part of the sale of Securitized Products Group (SPG).

Apollo bought most of the SPG assets held by Credit Suisse in November last year as a part of a sweeping revamp for the Swiss bank, without disclosing the sale price at that time.

The newly created unit, Atlas SP Partners, will focus on asset-backed financing and capital markets solutions under the leadership Credit Suisse's Jay Kim, with Apollo owning the majority of the unit.

"At Apollo, we are excited to partner with ATLAS SP and accelerate our strategy to invest in more long-term, investment grade quality assets for our clients and strategic partners," Apollo's co-President Jim Zelter said in a statement.

(Reporting by Lavanya Ahire and Shankar Ramakrishnan; Editing by Lincoln Feast.)