Credit Suisse wants to issue new shares at CHF 2.52

Credit Suisse wants to issue new shares at CHF 2.52

Swiss credit

With the subscription rights issue and a second capital increase by means of a private placement, including at the Saudi National Bank, Credit Suisse intends to raise a total of around four billion francs.

(Photo: Reuters)

Zürich The crisis-plagued Credit Suisse has further specified the conditions for the planned padding of the balance sheet and is sticking to the conditions previously promised. As part of the rights issue, the major Swiss bank wants to offer its shareholders new shares at a subscription price of CHF 2.52 each, as the bank announced on Thursday.

Credit Suisse had already announced this subscription price at the end of October. The owners should be able to obtain two new shares for seven old shares. The bank intends to place a total of 889.4 million titles, generating gross proceeds of CHF 2.24 billion.

Trading in subscription rights is planned for November 28th to December 6th, the redemption period for November 28th to December 8th. The new titles are to be traded for the first time on the SIX Swiss Exchange on December 9th.

With the subscription rights issue and a second capital increase by means of a private placement, including at the Saudi National Bank, Credit Suisse intends to raise a total of around four billion francs. The money is used to finance a far-reaching conversion to a lower-risk business. According to the institute, 462 million shares were sold to the Saudi National Bank and other professional investors at a price of CHF 3.82 each.

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