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Credit Suisse expects Q4 pretax gain of CHF450M from SIX stake accounting

Credit Suisse Group AG expects a pretax gain of at least CHF450 million in the fourth quarter from the revised accounting treatment of its stake in Swiss stock exchange operator SIX Group AG.

The gain is expected to add roughly 10 basis points to the Swiss lender's 2019-end common equity Tier 1 ratio.

"This is a change in the accounting basis only and Credit Suisse remains a supportive long-term shareholder of SIX Group AG, having increased its holding to 15% in recent years," the lender said.