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Credit Suisse says 99 percent of rights exercised in rights offering
June 7, 2017 / 5:13 PM / 6 months ago

Credit Suisse says 99 percent of rights exercised in rights offering

ZURICH (Reuters) - Credit Suisse (CSGN.S) said on Wednesday 99.2 percent of the rights had been exercised in its recent rights offering, raising net proceeds of around 4.1 billion Swiss francs (£3.2 billion).

Switzerland's national flag flies beside the logo of Swiss bank Credit Suisse in Zurich, Switzerland April 24, 2017. REUTERS/Arnd Wiegmann

    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.

    Switzerland’s second-biggest bank, which is recovering from back-to-back annual losses as it restructures under Chief Executive Tidjane Thiam, announced the cash raising plans in April and hopes it will remove any lingering concerns about its capital strength.

    Reporting by Joshua Franklin, editing by David Evans

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