14 Feb '11, 8am

Credit Suisse secures US$6b from Qatar, Saudi

ZURICH: Swiss banking giant Credit Suisse said Monday that it was raising $6.0 billion by issuing bonds to Qatar Holding and Saudi Arabia's Olayan Group to help it meet tough new capital adequacy rules. The convertible contingency or 'CoCo' bonds are to be converted into cash no earlier than October 2013, or exchanged for Tier 1 capital notes issued in 2008, the bank said. Qatar Holding will take bonds worth $3.5 billion and Olayan Group $2.5 billion. Once the bonds are converted, the bank "will satisfy an estimated 50 per cent of our high trigger contingent capital requirement" set by Swiss regulators. "The completion of a transaction of this size supports our conviction that contingent capital can be a material source of capital for the banking industry," said Brady Dougan, chief executive officer of the bank. "We see this transaction as a significant development for Cre...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

Tweets

Credit Suisse banker arrested in US probe: report

channelnewsasia.com 21 Feb '11, 12am

GENEVA : A banker working for a Credit Suisse affiliate has been arrested in the United States as part of an inquiry into ...

Rise in young credit card defaulters to be monitored: SM Goh: By Mustafa Shafawi | Posted: 14 February 2011 1848...

Rise in young credit card defaulters to be moni...

channelnewsasia.com 14 Feb '11, 11am

SINGAPORE: Senior Minister Goh Chok Tong said the rising share of credit card defaulters among young adults in Singapore s...