Credit Suisse Group (CSG) has announced the launch of a share buyback programme.
The group’s board of directors approved a repurchase of up to CHF 1.5 billion in the firm’s own shares. Based on the closing price of the shares on 10 January 2019, that is equivalent to up to 129.8 million CSG shares, worth 5.08 % of the share capital and voting rights in Credit Suisse.
The shares will be acquired on a second trading line on SIX Swiss Exchange, which will be established on 14 January 2019. The initiative is due to terminate on 30 December 2019.
The ordinary trading of the company’s shares will not be affected by this second trading line, and the share repurchase programme does not extend to CSG’s American Depository Shares listed on the New York Stock Exchange.