BREAKING NEWS

BREAKING NEWS

Credit Suisse announces 1-1.5 billion Swiss franc share buyback

Credit Suisse announces 1-1.5 billion Swiss franc share buyback
@ Copyright :
Denis Balibouse(Reuters)
Text size Aa Aa

ZURICH (Reuters) - Credit Suisse on Wednesday announced a share buyback of up to 1.5 billion Swiss francs (1.2 billion pounds) in 2019 and plans to increase its dividend by at least 5 percent from 2019 onward, confirming its strategy as it wraps up a three-year revamp under Chief Executive Tidjane Thiam.

"The actions taken during the restructuring mean the bank is now more resilient in the face of market turbulence," Thiam said in a statement ahead of the bank's investor day.

"As a result of known actions that are under our control, we expect to achieve at least a 10 percent return on tangible equity in 2019."

Switzerland's second-biggest bank last year announced new 2019 and 2020 yield targets and a plan to distribute half of net profit to shareholders primarily through share buybacks or special dividends, saying it had made strong progress in its ambitions to become a leading wealth manager with strong investment banking capabilities.

(Reporting by Brenna Hughes Neghaiwi; Editing by Maria Sheahan)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.