12/8/2022, 7:42 PM (Source: TeleTrader)
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Credit Suisse raises 2.24B Swiss francs in rights offering

Credit Suisse announced on Thursday it raised approximately 2.24 billion Swiss francs in its rights offering approved by shareholders in November.

"By the end of the rights exercise period on December 8, 2022, 12:00 noon CET, 98.2% of the rights had been exercised for the issuance of 872,989,594 new shares," the lender stated and stressed that the remaining 16,378,864 newly issued shares for which rights were not exercised will be sold in the market for a minimum price of 2.52 Swiss francs.

Credit Suisse CEO Ulrich Koerner (pictured) called the completion of the rights offering a "key milestone" in the bank's efforts to undertake a strategic transformation. "It will allow us to further support our strategic priorities from a position of capital strength and create a simpler, more stable and more focused bank built around client needs, and generating value for shareholders," he stated.

Baha Breaking News (BBN) / NP