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Credit Suisse boosted by recapitalization plans

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10:17 CEST+02:00
Shares in Credit Suisse climbed higher as trading began on Wednesday after the Swiss bank announced steps to increase its capital base and cut costs.

Credit Suisse shares showed a gain of 4.73 percent to 17.95 francs, while the overall market rose by 0.40 percent.

Last month, the Swiss National Bank (BNS) had indicated that it considered Credit Suisse's core equity as insufficient.

On the basis of the BNS report Credit Suisse announced that it would boost its capital to a total of 15.3 billion francs ($15.6 billion).

The Zurich-based bank also published second quarter results ahead of schedule, showing a 2.6 percent gain in net profit to 788 million francs.

"The announcement of the recapitalization should be well received ... after criticism from BNS ... and investors' loss of confidence," said analysts at Notenstein bank.

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