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Credit Suisse prices capital increase at 18 francs a share

Reuters

ZURICH (Reuters) - Swiss bank Credit Suisse (CSGN.VX) has priced its planned rights issue, expected to raise up to 4.7 billion Swiss francs (3 billion pounds), at 18 francs per share.

The price announced by the bank on Tuesday represents a discount of nearly 30 percent from the stock's price of 24.58 francs at 1158 BST.

Along with the rights issue, which will be voted on by shareholders at an extraordinary general meeting on Nov. 19, Credit Suisse plans to raise up 1.32 billion francs through a private placement of new shares with a group of investors.

Credit Suisse had priced this private placement at 22.75 francs per share.

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The fundraising forms part of the Swiss bank's overhaul by new chief executive Tidjane Thiam, which includes boosting its capital and cutting costs.

(Reporting by Joshua Franklin; Editing by David Goodman)