ZURICH (Reuters) - Credit Suisse <CSGN.S> 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.
ADVERTISEMENT
ADVERTISEMENT
"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)
