ZURICH, May 18 (Reuters) - Credit Suisse shareholders on Thursday approved the Swiss bank’s plan to sell around 4 billion Swiss francs ($4.1 billion) in new shares to raise funds for a revamp and get its financial strength on a par with rivals.
The capital raising plans, announced last month, received 99.35 percent of the votes at an extraordinary general meeting in Zurich.
“The capital raise of 4 billion Swiss francs will allow us to meet our regulatory commitments and requirements,” Chief Executive Tidjane Thiam said at the meeting. “It will strengthen our balance sheet, allow us to continue our ongoing restructuring and, importantly, to implement successfully our growth plans.”
$1 = 0.9790 Swiss francs Reporting by Joshua Franklin; Editing by Michael Shields