Credit Suisse Group AG (CSGN), Switzerland’s second-biggest bank, plans to raise about 500 million francs ($509 million) this year by selling real estate, part of a plan to increase capital by 15.3 billion francs.
The lender is in advanced talks to sell two major properties and an undisclosed number of smaller buildings to investors, Credit Suisse said in a statement today. The Zurich- based bank will sell more real estate next year and in 2014, according to a presentation to investors.
Marc Dosch, a spokesman for Credit Suisse, declined to comment on the real estate sales beyond the statement.
European banks are trying to sell real estate to help meet stricter capital rules. Credit Suisse is seeking to bolster its balance sheet after the Swiss central bank said in June that it required a “marked increase” in capital.
Credit Suisse sold its London headquarters to Qatar Investment Authority earlier this year for an undisclosed amount, according to a statement at the time by a unit of the sovereign-wealth fund.
To contact the reporters on this story: Neil Callanan in London at email@example.com; Elena Logutenkova in Zurich at firstname.lastname@example.org
To contact the editor responsible for this story: Andrew Blackman at email@example.com.