Credit Suisse: starts 1.5 billion Swiss francs share buyback
(CercleFinance.com) - Credit Suisse said late on Friday that tomorrow it will begin to buy back shares worth up to 1.
5 billion Swiss francs, in a move that comes after the stock's fall of over 10% over the past 12 months.
As announced in October, the bank's board of directors has approved the share buyback program, with at least one billion Swiss francs to be repurchased in 2021.
The shares are then expected to be cancelled, Credit Suisse said.
The value of the repurchase program represents about 5% of the Swiss wealth manager's current market capitalisation of 29.7 billion Swiss francs.
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