Credit Suisse Group AG (CSGN), Switzerland’s second-biggest bank, is offering to buy back some of its bonds as part of its plan to increase capital.
The buyback targets 11 capital instruments in dollars, euros and pounds, and five senior bonds in dollars, the Zurich- based bank said today in a statement. Credit Suisse bought back 4.7 billion francs of bonds in March.
Credit Suisse announced today it plans to increase capital by 15.3 billion francs ($15.6 billion) this year and cut an additional 1 billion francs in costs by the end of 2013.
Chief Executive Officer Brady Dougan said the measures will almost double the bank’s capital ratio from levels at the end of March, which the Swiss National Bank said required a “marked increase.”
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