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Credit Suisse secures board approval for CHF1.5B buyback program

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Credit Suisse secures board approval for CHF1.5B buyback program

Credit Suisse Group AG's board of directors has approved a CHF1.5 billion share buyback program that will run through 2019.

The Zurich banking giant will begin acquiring shares on a second trading line on the SIX Swiss Exchange on Jan. 14 and will end Dec. 30 at the latest. The shares are expected to be cancelled through a capital reduction, which will be proposed in a future annual general meeting.

Based on the bank's Jan. 10 closing price of CHF11.56 per share, the maximum repurchase volume is equivalent to up to 129.8 million shares, corresponding to 5.08% of its share capital and voting rights.

Credit Suisse noted that it expects to buy back at least at CHF1 billion worth of shares by 2019-end, subject to market and economic conditions. The buyback also does not cover the bank's American depositary receipts, which are listed on the New York Stock Exchange.

The group has mandated Credit Suisse AG to manage the buyback.

Credit Suisse previously announced plans to repurchase shares of the same amount in 2020, subject to board approval.