Credit Suisse Group (CS) announced plans to raise around 500 million francs, or roughly $509 million, this year by selling its real estate assets.
The bank is currently in advanced negotiations for the sales of two major real-estate properties and a number of smaller buildings.
As part of larger plan to bolster its capital by 15.3 billion francs ($15.6 billion), Switzerland’s second-largest bank attempts to restore its market value through the issuing of bonds, exchanging hybrid capital notes, share bonuses and the selling of real estate.
“Given the current environment, we decided to accelerate the implementation of our capital plans in a manner which eliminates any doubts raised by the 2012 SNB Financial Stability Report,” Urs Rohner, Credit Suisse chairman, said.
The initiative comes in light of the bank’s 2Q report, which showed a 2.6% rise in profits.
“In an environment that remains particularly challenging for the international banking system, these measure substantially increase the resilience of Credit Suisse Group,” the Swiss National Bank said in statement.
For more information read the original article and the Credit Suisse press release.
