Credit Suisse plans $6.4bn buy-back

22 January 2007

Credit Suisse has announced that it plans to buy back up to $6.4 billion worth of its own stock over the next three years.

The Swiss bank will ask shareholders to approve the buy-back scheme at its annual general meeting in May this year, while Credit Suisse's current buy-back, worth $4.8 billion, is expected to be complete by the second quarter.

The announcement follows the sale of the bank's Winterthur insurance unit - a move that Credit Suisse's chief executive Oswald J Grubel said had allowed the development of a "clear strategic focus" on the growth of banking business.

"We believe that Credit Suisse is one of the few truly integrated global banks," Mr Grubel added.

"Our business model enables us to meet the sophisticated requirements of institutional and private clients across the world.

"The demand for our integrated offering of banking solutions is increasing rapidly in today's global economy."

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