ZURICH, April 5 (Reuters) - Swiss bank Credit Suisse said on Tuesday it had completed the repurchase of 4.7 billion Swiss francs ($5.12 billion)of its own debt as part of its efforts to comply with new global capital adequacy rules.
The bank launched the tender for the Tier 1 and Tier 2 debt securities on March 5, initially targeting the repurchase of 4.0 billion francs in these securities and later raising that target to 4.75 billion.
Credit Suisse debt specialist Sandeep Agarwal, said when the tender was announced that the bank was taking proactive steps to manage the transition of capital instruments between Basel II and Basel III.
As part of the Swiss government’s own tough new capital rules, known as the “Swiss finish”, the country’s large banks need to hold Tier 1 capital of 10 percent, compared with 7 percent for other banks under Basel III. ($1 = 0.9174 Swiss francs) (Reporting by Martin de Sa‘Pinto)