Credit Suisse announces 1-1.5 billion share buyback

Reuters
Zürich, Switzerland Updated: Dec 12, 2018, 01:01 PM(IST)

The Credit Suisse logo is pictured on a bank in Geneva. Photograph:( Reuters )

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'The actions taken during the restructuring mean the bank is now more resilient in the face of market turbulence,' Thiam said in a statement ahead of the bank's investor day.

Credit Suisse on Wednesday announced a share buyback of up to 1.5 billion Swiss francs ($1.51 billion) in 2019 and plans to increase its dividend by at least 5 per cent from 2019 onward, confirming its strategy as it wraps up a three-year revamp under Chief Executive Tidjane Thiam.

"The actions taken during the restructuring mean the bank is now more resilient in the face of market turbulence," Thiam said in a statement ahead of the bank's investor day.

"As a result of known actions that are under our control, we expect to achieve at least a 10 per cent return on tangible equity in 2019."

Switzerland's second-biggest bank last year announced new 2019 and 2020 yield targets and a plan to distribute half of net profit to shareholders primarily through share buybacks or special dividends, saying it had made strong progress in its ambitions to become a leading wealth manager with strong investment banking capabilities.

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