Business Standard

Credit Suisse hires 20 banks for $4 bn capital increase to restructure

Credit Suisse Group AG hired about 20 banks to help with a $4 billion capital increase that will help fund the extensive restructuring unveiled last week

Credit Suisse
Premium

Photo: Bloomberg

Jan-Henrik Förster and Swetha Gopinath | Bloomberg
Credit Suisse Group AG hired about 20 banks to help with a $4 billion capital increase that will help fund the extensive restructuring unveiled last week and make the Saudi National Bank a new top shareholder. 
 
Investors including the Saudi lender have already committed to contribute about 1.76 billion francs ($1.76 billion), by buying shares at a 6% discount to the average price on Thursday and Friday, Credit Suisse said in a statement Monday. Shareholders still need to approve the issuance of new stock next month.

To help it raise the rest of the 4 billion francs needed, the Swiss

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 31 2022 | 4:12 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com