Credit Suisse on Monday unveiled the details of its plan to raise capital by $4 billion to raise funds to pay for a painful restructuring involving thousands of job cuts and a downsizing of its bank. investment.
The Swiss bank said new qualified investors had pledged to buy about 462 million shares at 3.82 Swiss francs ($3.84) each, or about 94% of the weighted average share price on Oct. , which will raise 1.76 billion Swiss francs.
The transaction includes around 307 million new shares issued to Saudi National Bank, which will have a 9.9% stake in Credit Suisse following the capital increase.
The Zurich-based bank will also issue 889 million new shares to existing shareholders, who can buy two new shares for every seven shares held at 2.52 Swiss francs per share. This will raise another $4.02 billion, the institution says.
Raising such capital will require investor approval at an extraordinary general meeting on November 23. If shareholders do not approve the proposed increase, Credit Suisse said it would issue 1.77 billion shares at a price of 2.27 Swiss francs per share, which would also amount to 4 billion Swiss francs.
Source: CNN Brasil
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