The investment bank Credit Suisse, whose shares fell to record lows this week amid concerns that it might be in danger of collapsing, said this week that it is selling the five-star Savoy hotel in the heart of Zurich for 400 million Swiss francs ($402, 462,800).  

Credit Suisse announced on Thursday that as part of a routine evaluation of its global real estate assets, it had put the 184-year-old hotel on Parade Platz on the market.  

“As part of this process, the bank has decided to start a sales process for the Hotel Savoy. We will carefully assess all offers and potential investors and communicate any decision in due course,” a Credit Suisse spokesperson said.  

The bank further claimed that the hotel, which is undergoing extensive renovations and will reopen as Hotel Mandarin Oriental Savoy Zurich in 2024, was the last remaining "trophy asset" and that its sale would send out a "king-size crisis signal."  

Reports said that Credit Suisse had to raise capital, halt share buybacks, and reduce its dividend following a string of crises and controversies. 

Reports also said that the bank paid significant fines after acknowledging that it had issued bonds intended to finance tuna fishing in Mozambique but one of its contractors in the country diverted some of the earnings to pay kickbacks, including to Credit Suisse bankers.  

Previously, a joint investigation by news organizations revealed that some of the bank's money came from crimes like money laundering, drug trafficking, torture, and corruption.