Credit Suisse: plans share buyback, dividend hike

(CercleFinance.com) - At its investor day on Wednesday, Credit Suisse said it has approved plans to buy back shares, as the Swiss investment bank is nearing the completion of a three-year restructuring program.


For 2019, the board of directors has approved a buyback of ordinary shares of up to 1.5 billion Swiss francs.

The group said it plans to buy back at least 1 billion Swiss francs of its shares in 2019, subject to market and economic conditions.

For 2020, Credit Suisse expects a similar share buyback program.

At the same time, the bank plans to increase ordinary its dividend by at least 5% per year from 2019 onwards, it said.

Despite these announcements, investors' reaction was largely muted on the Zurich stock market, with the shares of Credit Suisse pretty much flat in early-morning trading.

Copyright (c) 2018 CercleFinance.com. All rights reserved.