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Weaker Q3 figures, two capital increases and a new structure

  • 21 Oct 15

Credit Suisse (CS) released kind of preliminary Q3 15 figures. Net revenues were down by 8% to CHF5.98bn for Q3 15 compared to Q3 14. Total operating expenses decreased by 3% to CHF5.02bn for Q3 15. Net income attributable to shareholders declined by 24% to CHF779m for Q3 15. RoE was 7.1% for Q3 15 compared to 9.7% for Q3 14. Assets under management were down by 4.6% to CHF1,294bn in Q3 15 despite net new money inflows of CHF16.4bn. Credit Suisse’s fully applied Basel III common equity tier 1 (CET1) ratio was 10.2% at the end Q3 15 compared to 9.5% at the end of 2014. The release of the full Q3 15 report is due on 30 October. Credit Suisse decided to strengthen its balance sheet through a proposed rights offering of c.CHF4.7bn and a private placing of c.CHF1.35bn. In a first step, a number of qualified investors have committed to purchase 58m new registered shares. Existing shareholders will not have preemptive subscription rights for these new registered shares. The gross proceeds for Credit Suisse Group AG are expected to amount to around CHF1.35bn. In a second step, Credit Suisse intends to issue up to 261m new registered shares. Shareholders of Credit Suisse will be allotted one preemptive subscription right for each registered share they hold on 20 November 2015 (after close of trading). 13 preemptive subscription rights entitle their holder to purchase two new registered shares at the offer price of CHF18 per share. Credit Suisse Group AG expects the gross proceeds of the rights offering to amount to c.CHF4.7bn. The preemptive subscription rights are expected to be traded on the SIX Swiss Exchange from 23 November to 1 December 2015. The listing and the first day of trading of the new registered shares on the SIX Swiss Exchange are expected to take place on 4 December 2015. Credit Suisse released a new strategy to increase profits and capital generation by: - serving the large and growing segment of wealthy entrepreneurs in emerging markets; - growing its Universal Bank in its Swiss home market, with a partial IPO planned by 2017; - reducing capital usage significantly in its Investment Banking operations; - lowering its fixed costs by delivering CHF3.5bn of gross cost savings by end-2018 (CHF2bn net); - investing CHF1.5bn in new growth initiatives in the next three years; - implementing a streamlined organisational structure, fully aligned with these strategic objectives, with three geographic divisions – Swiss Universal Bank (CHUB), Asia Pacific (APAC), and International Wealth Management (IWM) – and two investment banking divisions: Global Markets and Investment Banking and Capital Markets (IBCM); - changing the leadership structure to reflect the strategic and structural initiatives, with six new members joining the Executive Board.