The Swiss lender's chair once again splashed out on buying shares, shortly after giving the bank a new strategy.
Credit Suisse chair António Horta-Osório in recent days bought 106,200 shares at an average price of approximately 9.42 Swiss francs ($10.32), totaling approximately 1 million francs, a person familiar with the purchase told finews.com on Monday.
This is the third time that the Portuguese-British citizen has bet his own money in the bank since taking over in April this year, bringing the total amount to over 3.3 million francs.
Vote of Confidence
The chairman’s purchase represents a vote of confidence in the strategy he presented at the bank’s investor day last Thursday. It focused on reorganizing its wealth management and making cuts to its investment banking unit.
The troubled Swiss lender’s shares are down 17 percent year-to-date against a 38 percent rise among competitors in the Stoxx Europe 600 Banks, and a 33 percent increase in shares of cross-town rival UBS.
The purchase is not yet in SIX stock exchange's disclosure.
