Credit Suisse shareholders on Wednesday approved a 4 billion Swiss franc ($4.2 billion) capital raise aimed at financing the embattled lender's massive strategic overhaul.
The new share offering will see the Saudi National Bank take a 9.9% stake in Credit Suisse, making it the bank's largest shareholder.
The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021.shareholders on Wednesday approved a 4 billion Swiss franc capital raise aimed at financing the embattled lender's massive strategic overhaul. The second capital increase issues newly registered shares with pre-emptive rights to existing shareholders, and passed with 98% of the vote.
"This vote confirms confidence in the strategy, as we presented it in October, and we are fully focused on delivering our strategic priorities to lay the foundation for future profitable growth," Lehmann said.for the fourth quarter as it begins its second strategic overhaul in less than a year, aimed at simplifying its business model to focus on its wealth management division and Swiss domestic market.
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