Credit Suisse to raise capital, focus on wealth business
Zurich
CREDIT SUISSE Group AG will raise about 6.05 billion Swiss francs (S$8.8 billion) of capital as part of a broad reorganisation that will increase the bank's focus on Switzerland and wealth management in Asia as it scales back the securities unit.
The bank plans an initial public offering of its Swiss banking unit by the end of 2017 to take advantage of consolidation in the country, Zurich-based Credit Suisse said in a statement on Wednesday. Credit Suisse also plans to save 3.5 billion francs in costs by the end of 2018 on a gross basis.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Japanese yen slides back towards 34-year low after brief spike
China’s Bank of Communications Q1 profit rises 1.44%
HSBC’s private bank shuts independent asset management business in HK, Singapore
Nomura Q4 net profit jumps almost eight-fold on retail income surge
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea