Credit Suisse Looks to Raise Capital
After a disappointing fiscal quarter, Credit Suisse Group AG is looking to raise capital, while cutting costs in its investment banking unit. Tidjane Thiam took over the reins as Credit Suisse’s CEO in July, replacing Brady Dougan. To help handle the capital raise, the Swiss banking giant hired HSBC Holdings, Societe Generale and Citigroup to assist in the 6.05 billion CHF (US$ 6.3 billion) rights offer. Credit Suisse will take the lead on the offering with three other acting as joint bookrunners. Credit Suisse, Switzerland’s second biggest bank, looks to sell 1.35 billion CHF worth of stock to select shareholders and offer 4.7 billion CHF to existing investors in November.
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