Banks: Credit Suisse shareholders approve capital increase

The shareholders of the crisis-ridden second largest Swiss bank, Credit Suisse, have approved a capital increase.

Banks: Credit Suisse shareholders approve capital increase

The shareholders of the crisis-ridden second largest Swiss bank, Credit Suisse, have approved a capital increase. At an extraordinary general meeting, more than 90 percent voted in favor of management's plans, the bank announced on Wednesday.

Among other things, the Saudi National Bank from Saudi Arabia acquires a stake of around 9.9 percent. There is a purchase offer for existing shareholders. Overall, the new shares are expected to bring four billion francs (4 billion euros) into the coffers.

With this rescue plan, the bank wants to get out of the crisis after billions in losses. She wants to sell off part of the investment banking and focus primarily on the Swiss business and asset management in the future.

The AGM was held online and shareholders had to submit questions in writing in advance. The Ethos Foundation as a shareholder criticized Saudi Arabia's commitment because of the human rights situation there, but found no majority for its position.

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