Credit Suisse lost almost 1 billion Swiss francs in just one session. The market capitalization of the Zurich giant fell from 10,328.24 million Swiss francs (10,497.2 million euros at current exchange rates) to 9,369.5 million francs, down 957.85 million Swiss francs (974.42 million euros).
The bank, which is in the middle of a restructuring plan, again hit a historic low for the second consecutive session, touching 2.97 Swiss francs, meanwhile ending the day with relief, but even with a drop of 4.16% against the Swiss franc. 3.01,.
Shares have fallen for ten consecutive days, the worst losing streak since 2011, shedding 27% year-to-date (0.82%).
Credit Suisse’s stock market performance was impacted by news that its “core” business, wealth management, is losing funds and customers to competitors. In addition, the bonds were punished by the fact that the sale of guaranteed capital products to Apollo Global Management – as part of a restructuring plan – was poorly received by analysts, who criticized the lack of details about the agreement.
Also under this “strategic” plan, the bank is implementing a capital increase of 4 billion francs (4.06 billion euros), with the first operation being for institutional investors, after which the National Bank of Saudi Arabia took 9.9% of the shares. capital of the Zurich financial institution, as expected.
In addition, from this Monday until December 6, subscription rights are being negotiated for the bank’s shareholders wishing to purchase new shares in order to complete the capital increase. The bank expects to raise about 2.24 billion Swiss francs (2.27 billion euros).
