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Credit Suisse Expects Total Buyback Of At Least CHF 1 Bln In 2019, 2020

Swiss banking major Credit Suisse Group AG (CS), at its Annual General Meeting on Friday, said it expects a total buyback of at least 1 billion Swiss francs in fiscal 2019, subject to market and economic conditions. For 2020, the company expects a buyback programme similar to that of 2019, subject to approval by the Board of Directors.

As announced earlier, the Board proposed to shareholders a distribution of 0.2625 franc per registered share, out of capital contribution reserves, for the financial year 2018. This is in line with its intention to increase the ordinary dividend by at least 5% per annum.

The Board also nominated Christian Gellerstad and Shan Li for election as new non-executive members of the Board at the AGM.

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