C Suisse investors come up trumps

Tidjane Thiam

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

Bloomberg News reports that 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 Thursday.

Funds raised in the second rights issue since Thiam took over in mid-2015 will be used to complete his overhaul and expand in wealth management, he told shareholders last month. Credit Suisse in April ditched plans to list part of its lucrative Swiss bank under pressure from investors who preferred a straight capital increase.

The bank is in the second year of reshaping its business model to expand in wealth management, which has steadier revenues and requires less capital than volatile trading operations.

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Credit Suisse Share Sale Raises $4.3 Billion for Thiam Overhaul

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