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.