Following the announcement of the share buyback program at Credit Suisse's Investor Day in December, Credit Suisse Group announced that the program will begin on 14 January and last through 2019.
The share buyback program announced by Credit Suisse group in December will begin next week, with the Board of Directors of Credit Suisse Group approving a buyback of Credit Suisse Group shares of up to 1.5 billion Swiss francs (US$1.53 billion) in 2019, the bank announced in a media release on Friday.
The shares will be acquired on a second trading line on SIX Swiss Exchange, subject to deduction of applicable Swiss federal withholding tax and are expected to be cancelled by means of a capital reduction to be proposed at a future annual general meeting of shareholders, according to the media release.
A share buyback of at least 1 billion francs is expected by the end of the year, subject to market and economic conditions, the bank said.
