Credit Suisse expects fourth-quarter gain from SIX Group stake accounting

FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters at the Paradeplatz square in Zurich, Switzerland October 1, 2019. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Credit Suisse CSGN.S said it expects to book a pre-tax gain of at least 450 million Swiss francs ($459.6 million) in the fourth quarter of 2019 from the revised accounting treatment of its stake in financial infrastructure company SIX Group.

“The gain is expected to add approximately 10 (basis points) to Credit Suisse’s year-end 2019 CET1 ratio. This is a change in the accounting basis only and Credit Suisse remains a supportive long-term shareholder of SIX Group AG, having increased its holding to 15% in recent years,” the bank said on Friday.

Reporting by Michael Shields; Editing by Muralikumar Anantharaman