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UPDATE 1-FINMA talking to Credit Suisse about capital situation
April 4, 2017 / 1:07 PM / 8 months ago

UPDATE 1-FINMA talking to Credit Suisse about capital situation

(Recasts with comments on Credit Suisse’s capital position)

By Joshua Franklin and Angelika Gruber

BERN, April 4 (Reuters) - Swiss financial watchdog FINMA is talking to Credit Suisse about how much capital it should have while giving the bank the freedom to choose how it achieves this, FINMA Chief Executive Mark Branson said on Tuesday.

Credit Suisse is considering a quick-fire share sale to raise funds, two sources close to the matter told Reuters last month, rather than going ahead with a separate listing for its domestic banking division through which it could raise up to 4 billion Swiss francs ($3.99 billion).

“Our dialog with the bank is first and foremost about the plan to land with what they and we think is the appropriate amount of capital,” Branson told Reuters after FINMA’s annual news conference.

“How they get there then becomes a question of detail. We would not intervene other than to make sure the details make sense in how it is implemented.”

Branson also said FINMA had spoken to Credit Suisse about searches last week at the Swiss bank’s offices in London, Paris and Amsterdam.

“We are in contact with the bank and will remain in contact,” Branson told the news conference.

Credit Suisse, Switzerland’s second-biggest bank, was pulled into an international tax evasion and money laundering investigation on Thursday when coordinated searches were carried out three of its offices.

$1 = 1.0016 Swiss francs Editing by Michael Shields

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