Credit Suisse is planning a capital increase of CHF 4 billion. The big Swiss bank needs money for a radical restructuring.
The largest new shareholder will be the Saudi National Bank (SNB). You and other qualified investors will subscribe to 462 million new shares at CHF 3.82 each. The lion’s share goes to the Saudis, who will later hold 9.9 percent of the bank.
The issue price for professional traders is 94 percent of the volume weighted average price (4.07 CHF) in the last two trading days on SIX Swiss Exchange. Last Friday, the shares closed at CHF 3.92.
Capital increase still needs approval
Existing CS shareholders will be offered 889 million shares for subscription at CHF 2.52 per share. Existing shareholders can acquire two new titles for every seven shares they own.
The capital increase must be approved at the extraordinary general assembly meeting to be held on November 23. This is part of the bank’s restructuring plan announced last week. Deep cuts and massive layoffs at the investment bank are also planned to deal with the biggest crisis in company history. (SDA/smt)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
