08.06.2017

Credit Suisse raised $4.3 bn in rights offering

400Credit Suisse Group investors agreed to buy 99.2 percent of the shares on sale in a rights offering, providing 4.1 billion Swiss francs ($4.3 billion) for Chief Executive Officer Tidjane Thiam’s turnaround plan.

Credit Suisse plans to sell the unsubscribed shares in the market, the Zurich-based bank said in a statement on Wednesday after markets closed. The shares, offered at 10.80 francs, are expected to begin trading on Thursday.
The bank said it would have a common equity Tier 1 (CET1) ratio of 13.4 percent and a leverage ratio of 5.1 percent after the capital increase, based on first-quarter reported numbers. The readings for the two closely-watched measures of balance sheet strength are in line with the bank's expectations when it announced the capital raising plans in April.

At the recent annual general meeting the CEO Thiam said funds raised would be allocated to complete his calibration of the bank with a particular focus on the wealth management units.
Credit Suisse in April ditched plans to list part of its lucrative Swiss bank under pressure from investors who preferred a straight capital increase.


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