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Credit Suisse Announces Tender Offer To Repurchase Tier 1 & Tier 2 Securities

Credit Suisse (CS) announced a tender offer to repurchase certain outstanding tier 1 and tier 2 securities up to an aggregate amount in cash equivalent to CHF 4 billion.

Credit Suisse has mandated Credit Suisse Securities (Europe) Ltd. as offeror and dealer manager in this transaction.

Based on its strong liquidity and capital position, Credit Suisse unviled a tender offer to repurchase some of its public tier 1 and tier 2 instruments.

Credit Suisse said its main objective is to pro-actively align its capital structure with the proposed Swiss and Basel III regulations and is consistent with Credit Suisse's practice of efficient capital management. It allows the bank's tier 1 and tier 2 investors to sell holdings in capital securities, which over time will be replaced by new capital instruments.

David Mathers, CFO of Credit Suisse Group, said, "This is another important step for Credit Suisse and its investors in transitioning to the new regulatory regime. Credit Suisse continues to take a proactive approach to satisfy the new capital requirements, aimed at transitioning its capital structure well in advance of the required implementation dates.."

by RTT Staff Writer

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