Credit Suisse raises $1.29bn in first phase of capital increase
Credit Suisse has announced that it has raised CHF 1.32bn ($1.29bn) following the completion of its first phase of its CHF 6bn capital increase; its second capital increase has also been announced, which will allow existing Credit Suisse shareholders to buy up to 261 million new shares, with the bank expecting gross proceeds from this offering of up to CHF 4.7bn ($4.61bn). This is part of the ongoing overhaul of Credit Suisse's new business plan to bolster the bank's capital position.

By John Revill

ZURICH--Credit Suisse Group AG (CS) on Monday said it had raised 1.32 billion Swiss francs ($1.29 billion) after completing the first phase of its 6 billion francs capital increase.

The Zurich-based bank has issued 58 million new registered shares in a private placement to qualified investors, increasing the number of Credit Suisse shares in circulation to 1.69 billion. The shares, which had a purchase price of CHF22.75 each, are listed and admitted for trading on the Swiss exchange from Monday.

Credit Suisse shares closed on Friday at CHF22.16.

A second capital increase has been previously announced for existing Credit Suisse shareholders to buy up to 261 million new shares. Credit Suisse said it expects gross proceeds from this offering of up to CHF4.7 billion.

Both capital increases were approved by shareholders at an extraordinary general meeting last week. They are part of an overhaul of Credit Suisse's business by new Chief Executive Tidjane Thiam and are intended to bolster the bank's capital position.

-Write to John Revill at john.revill@wsj.com

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(END) Dow Jones Newswires

November 23, 2015 01:50 ET (06:50 GMT)



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