Shareholders approve two capital increases which will raise around 4 billion Swiss francs.
At an extraordinary general meeting today, Credit Suisse received shareholder approval for the element of its restructuring plan calling for a capital increase which was announced October 27, according to a statement from the bank on Wednesday.
This clears the way for the investor Saudi National Bank (Saudi NB) to acquire nearly 10 percent of the shares in Credit Suisse.
Over 90 Percent Approve
By a majority of 91.97 percent, shareholders approved the first of two increases to be executed with 462,041,884 newly issued shares with a par value of 0.04 Swiss francs ($0.04) each to several qualified investors without the pre-emptive subscription rights of existing shareholders. The voting result was well above the required two-thirds majority.
The second ordinary capital increase was approved by 98.31 percent of voters for a rights offering to existing shareholders of 1,767,165,146 newly issued shares with a par value of 0.04 francs each. In this case, the vote required the approval of 50 percent of shareholders.
Chairman Axel P. Lehmann said «today’s vote by shareholders marks a further important step in our journey to build the new Credit Suisse. On behalf of the Board of Directors, I want to thank our shareholders for their approvals today, which reinforce our collective will to deliver and execute our strategic plan. 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.»
Final terms are expected to be announced tomorrow, according to Credit Suisse.
