(CercleFinance.com) – The shareholders of Credit Suisse on Wednesday approved by a large majority the project of a double capital increase for a total amount of around four billion Swiss francs (4.1 billion euros).
The Swiss bank had announced this project at the end of last month at the same time as it revealed a loss of four billion francs for the third quarter alone as well as a new strategy, centered on the restructuring of its investment bank.
The first private placement, relating to more than 462 million new shares, received the support of nearly 92% of the shareholders gathered at an extraordinary general meeting in Zurich.
The second capital increase project – which provides for the issue of 1.77 billion shares – won more than 98% of the votes.
These capital raisings should allow Credit Suisse to increase its so-called ‘CET1’ (Core Equity Tier One) solvency ratio from 12.6% at the end of the third quarter to some 14% pro forma.
Axel P. Lehmann, Chairman of the Board of Directors, hailed during his speech an “important step” in the journey that should constitute the constitution of the “new Credit Suisse”.
“This vote confirms confidence in our strategy, as presented in October, as we are fully focused on achieving our strategic priorities which should form the basis for future profitable growth,” he said. added.
Credit Suisse said this morning it expects a “substantial” pre-tax loss in the fourth quarter of up to around 1.5 billion Swiss francs at group level.
Following this new warning, Credit Suisse shares fell 4.6% on Wednesday morning on the Zurich Stock Exchange.
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