Credit Suisse raises $8.9 billion to boost capital; reports Q2 earnings of $806 million

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FILE - In this April 3, 2012 file picture the logo of Swiss bank Credit Suisse is photographed at a building in Zurich, Switzerland. Credit Suisse Group says it is raising 8.7 billion Swiss francs (US .9 billion) to bolster its capital reserves. The Swiss bank says 3.8 billion francs come from the placement of so-called contingent convertible bonds underwritten by investors from Qatar, Saudi Arabia and Singapore. The Zurich-based bank\'s announced Wednesday, July 18, 2012 that its second-quarter earnings attributable to shareholders increased 2.6 percent to 788 million francs. (AP Photo/Keystone/Alessandro Della Bella,File)

GENEVA – Credit Suisse Group says it is raising 8.7 billion Swiss francs ($8.9 billion) to bolster its capital reserves.

The Swiss bank says 3.8 billion francs come from the placement of so-called contingent convertible bonds underwritten by investors from Qatar, Saudi Arabia and Singapore.

The Zurich-based bank’s announced Wednesday that its second-quarter earnings attributable to shareholders increased 2.6 per cent to 788 million francs.

Credit Suisse earned 768 million francs in the same quarter of 2011.

The bank also says it plans to save 1 billion francs by the end of 2013 after cutting 2 billion francs in costs by mid-year 2012.

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Abbey Westbury

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