Credit Suisse to buy back $1.03B of shares in 2020

Friday, 03. January 2020 08:20

Credit Suisse Group AG announced on Friday it has completed its 2019 share buyback program on December 30 and added it will launch a new buyback program under which it intends to repurchase at least 1 billion Swiss francs ($1.03 billion) worth of shares in 2020.

"The Board of Directors of Credit Suisse approved a buyback of Credit Suisse shares of up to CHF 1.5 billion in 2020. Credit Suisse expects to buy back at least CHF 1.0 billion of shares until the end of 2020, subject to market and economic conditions," the Swiss bank said. "Credit Suisse will acquire its own shares on a second trading line on SIX Swiss Exchange subject to deduction of applicable Swiss federal withholding tax. The repurchased shares are expected to be cancelled by means of a capital reduction to be proposed at future annual general meetings of shareholders," it added.

In 2019, Credit Suisse bought back 79,818,000 of its shares for a total of 1 billion Swiss francs at an average price of 12.53 Swiss francs per share.

Related Links: Credit Suisse Group
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Breaking the News / NP