Credit Suisse Group AG : SNB : Credit Suisse Capital Measures Will Improve Resilience
07/18/2012| 02:25am US/Eastern
The Swiss National Bank Wednesday said it welcomed the measures taken by Credit Suisse Group (CS) to strengthen its capital base.
Credit Suisse earlier said it will raise its capitalization by 15.3 billion Swiss francs ($15.6 billion), including an immediate amount of CHF8.7 billion.
The capital measures "will take any question of the strength of our capitalization off the table," said Brady Dougan, chief executive of Credit Suisse.
The Swiss central bank, which had singled out Credit Suisse as needing more capital in its annual financial stability report in June, said Wednesday's measures should "lead to a rapid and significant increase of the loss-absorbing capital of Credit Suisse Group."
"In an environment that remains particularly challenging for the international banking system, these measures substantially increase the resilience of Credit Suisse Group," the SNB said in a statement Wednesday.
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