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Credit Suisse says 99 percent of rights exercised in rights offering
June 7, 2017 / 5:12 PM / 5 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 ($4.25 billion).

FILE PHOTO: CEO Tidjane Thiam of Swiss bank Credit Suisse addresses the audience at the bank's extraordinary shareholder meeting in Zurich, Switzerland May 18, 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.

($1 = 0.9648 Swiss francs)

Reporting by Joshua Franklin, editing by David Evans

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