Credit Suisse announces start of its 2020 share buyback program

Maria Nikolova

The Board of Directors of Credit Suisse has approved a buyback of Credit Suisse shares of up to CHF 1.5 billion in 2020.

Credit Suisse Group AG today announces that on December 30, 2019 it completed its 2019 share buyback program, which commenced on January 14, 2019. Credit Suisse repurchased 79,818,000 of its shares on a second trading line on SIX Swiss Exchange for a total of CHF 1,000,244,961 at an average purchase price per share of CHF 12.53.

Separately, Credit Suisse says it will commence a new share buyback program this month. The Share Repurchase Program will start on January 6, 2020 and end on December 30, 2020 at the latest. The Group reserves the right to terminate the Share Repurchase Program early.

The Board of Directors of Credit Suisse has approved a buyback of Credit Suisse shares of up to CHF 1.5 billion in 2020. Credit Suisse is set to buy back at least CHF 1.0 billion of shares until the end of this year, subject to market and economic conditions.

Credit Suisse will acquire its own shares on a second trading line on SIX Swiss Exchange subject to deduction of applicable Swiss federal withholding tax.

Ordinary trading in the Credit Suisse shares (under the securities number 1 213 853) will not be affected by this second trading line and will continue as usual. A shareholder who wants to sell Credit Suisse shares has the choice to either sell the shares on the ordinary trading line or to sell them to Credit Suisse for the purpose of a subsequent capital reduction on the second trading line. The Group will act as a buyer depending on market conditions.

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