The title Credit Suisse sank Friday to a new historic low, the day after the official entry into its capital of Saudi National Bank (SNB).
Around 11:13 a.m. Friday, l’action nominative Credit Suisse sank 1.8% to 3.488 francs on the Swiss stock exchange, a low never reached before. At the same time, the star Swiss index SMI (which includes the title of the Zurich bank) lost 0.10%.
At the beginning of the year, the action of the number two Swiss bank was still trading around 9.5 francs. The stock has since fallen more than 60%
The Saudi giant SNB acquired Thursday 307.6 million newly issued shares as part of a capital increase. He is now a 9.9% shareholder in the bank with two sails.
A second part of the fund increase, with a preferential subscription right reserved for shareholders, will cover up to just over 889 million shares with a nominal value of 4 centimes per unit.
>> More details: Credit Suisse sets the conditions for its capital increase
Internal restructuring and replenishment of equity
The gross proceeds of this second part of the recapitalization are expected to be “about 2.24 billion francs”, according to Credit Suisse. The subscription rights exercise period will run from November 28 to December 8. The listing and trading of the securities on the Swiss Stock Exchange is scheduled for the following day.
On Wednesday, the shareholders of Credit Suisse had given the green light to the capital increase in two parts for a total amount of 4 billion francs. The operation, which therefore confirmed the arrival of SNB among the owners, should enable the bank to finance its restructuring and to reconstitute its equity.
>> Read also: Credit Suisse launches a major reorganization, 9000 jobs cut
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