Credit Suisse eyes $4bn capital raise to fund business restructuring

Investment bank spin-off

Valeria Martinez
clock • 1 min read

Credit Suisse intends to raise CHF4bn ($4.1bn) by selling shares to investors, including the Saudi National Bank, in a bid to fund its sweeping business restructuring.

The Swiss lender disclosed plans to spin off its capital markets and consulting business over the next three years under a revitalised CS First Boston name, as well as an agreement to sell its securitised products operation to US asset management giants Pimco and Apollo. The company overhaul coincided with a significant quarterly loss for Credit Suisse's investment bank as well as a rampant exodus of its wealthy clients.  "This is a historic moment for Credit Suisse," said CEO Ulrich Körner. "We are radically restructuring the investment bank to help create a new bank that is simpl...

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