Credit Suisse Group investors agreed to buy 99.2 percent of the shares on sale in a rights offering.
The Swiss bank has now raised 4.1 billion Swiss francs for CEO Tidjane Thiam to utilise as he seeks to fine tune and re-shape the bank.
Credit Suisse plans to sell the unsubscribed shares in the market.
Wealth Management in Focus
At the recent annual general meeting the CEO said funds raised, (the second rights issue since Thiam took over), would be allocated to complete his calibration of the bank with a particular focus on the wealth management units.
The bank decided earlier this year to scrap plans to list part of its Swiss bank under pressure from investors who preferred a straight capital increase. Thiam has scaled back its global markets unit which had become a drain for capital in part due to tougher regulations.
More Chinese Exposure
The fresh funding will increase Credit Suisse’s common equity Tier 1 capital to 13.4 percent of risk-weighted assets.
Credit Suisse is now well into its second year of reshaping its business model to expand in wealth management, which has steadier revenues and requires less capital than volatile trading operations.
Asia has been a major contributor in recent years with the bank also ramping up its exposure to the Chinese market, via Credit Suisse Founder Securities the Beijing based joint venture established by Founder Securities and Credit Suisse in 2008.
