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Credit Suisse to raise capital, focus on wealth business

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Credit Suisse plans an initial public offering of its Swiss banking unit by the end of 2017; it also plans to save 3.5 billion francs in costs by the end of 2018 on a gross basis.

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

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