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Credit Suisse shareholders approve $4.1 billion rights offering
May 18, 2017 / 9:56 AM / 6 months ago

Credit Suisse shareholders approve $4.1 billion rights offering

ZURICH (Reuters) - Credit Suisse (CSGN.S) shareholders on Thursday approved the Swiss bank’s plan to sell around 4 billion Swiss francs ($4.1 billion) in new shares to raise funds for a revamp and get its financial strength on a par with rivals.

CEO Tidjane Thiam of Swiss bank Credit Suisse attends the bank's extraordinary shareholder meeting in Zurich, Switzerland May 18, 2017. REUTERS/Arnd Wiegmann

The capital raising plans, announced last month, received 99.35 percent of the votes at an extraordinary general meeting in Zurich.

“The capital raise of 4 billion Swiss francs will allow us to meet our regulatory commitments and requirements,” Chief Executive Tidjane Thiam said at the meeting. “It will strengthen our balance sheet, allow us to continue our ongoing restructuring and, importantly, to implement successfully our growth plans.”

Reporting by Joshua Franklin; Editing by Michael Shields

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