Credit Suisse CEO says to decide on capital raising ‘as soon as possible’
LONDON – Credit Suisse will make a decision on its capital raising plans “as soon as possible,” its chief executive said on Tuesday, without giving specific details on the timing or the type of fund-raising.
Tidjane Thiam, who joined Credit Suisse from British insurer Prudential in mid 2015, gave the comments at a news conference in Hong Kong, where he was present for an investment conference.
Last week, Switzerland’s second-biggest bank upped its net loss for last year to 2.71 billion Swiss francs ($2.75 billion) from 2.44 billion. This cut the bank’s common equity tier 1 ratio, a closely watched measure of balance sheet strength, heightening its need to raise capital
Credit Suisse has said previously that its current plan is to raise up to 4 billion francs via an IPO of a minority stake in its Swiss banking division.
However, it is also considering a quick-fire share sale at group level and its board of directors is set to decide in April how to proceed, Reuters has reported, citing sources. -Reuters