Credit Suisse shareholders approve 4 billion Swiss franc capital raise

ZURICH: Credit Suisse shareholders on Wednesday approved a 4 billion Swiss franc ($4.20 billion) equity capital hike earmarked to finance the embattled Swiss bank’s turnaround.
Some 92% and 98% of shareholders at an extraordinary general meeting supported the two share capital increases which were first proposed last month under the scandal-prone bank’s restructuring plan.
“Today’s vote by shareholders marks a further important step in our journey to build the new Credit Suisse” chairman Axel Lehmann said.
“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,” he added.
The approval came after Credit Suisse on Wednesday announced it expects a pre-tax loss of up to 1.5 billion Swiss francs ($1.58 billion) in its fourth quarter, saying the…

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