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Credit Suisse will buy back up to 3 billion Swiss francs ($3 billion) of debt, the embattled Swiss bank said on Friday, making a show of strength as it seeks to reassure investors after a tumultuous week.
The move trims the Swiss bank's debt burden and is an attempt to bolster confidence after steep falls in its stock price and bonds. Unsubstantiated rumors that its future was in doubt have swirled on social media amid concern it may need to raise billions of francs in fresh capital.
One of the largest banks in Europe, Credit Suisse has had to raise capital, halt share buybacks, cut its dividend and revamp management after losing more than $5 billion from the collapse of investment firm Archegos in March 2021, when it also had to suspend client funds linked to failed financier Greensill.
The bank said the debt buyback would "allow us to take advantage of market conditions to repurchase debt at attractive prices". Its shares were indicated 1.5 percent higher in premarket activity on the Swiss exchange, indicating some investor relief.
(Cover: A clock is seen near the logo of Swiss bank Credit Suisse at the Paradeplatz square in Zurich, Switzerland October 5, 2022. /Reuters)
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Disinformation report hotline: 010-85061466