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Credit Suisse Shareholders Give Green Light To $4 Billion Capital Hike

Josh O'Neill

22 May 2017

shareholders last week approved the bank's plan to sell around SFr4 billion ($4.1 billion) in new shares to raise capital for a restructure.

The capital raising plans, first announced last month in the Swiss firm's quarterly earnings report, received 99.35 per cent of the votes at an “extraordinary” general meeting held in Zurich, the bank said in a statement. 

"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."