Credit Suisse Sets to Raise $4B CHF Rights Offering

Credit Suisse bank increased its capital estimated by 4 billion Swiss francs equivalent to 4 billion U.S. dollars through the rights issue in an initial public offering that aims to follow the pace of European competitors. This would bring its CET1 ratio up by 13.4 percent, the pro forma with tier 1 leverage ratio also rose by 5.1 percent supported by the 1Q12 end data including risk-weighted assets and leverage disclosure as mentioned by the released statement of the bank based in Zurich on Wednesday.

The bank gained a net profit of 596 million francs in the first quarter of the year, exceeding the average estimate of Reuters polls, which has been its highest quarterly profit after the restructuring of Credit Suisse chief executive Tidjane Thiam.