CS Credit Suisse Group

   By Nathan Allen 
 

Credit Suisse Group AG (CSGN.EB) on Wednesday said that it was on track to successfully complete its three-year restructuring program and that it will launch a buyback of up to 1.5 billion Swiss francs ($1.51 billion) while raising its dividend.

For 2019 the Swiss bank said its board has approved a buyback of up to CHF1.5 billion and it anticipates repurchasing at least CHF1 billion of shares, subject to market and economic conditions.

"For 2020, we expect a similar share buyback program," the bank said.

Credit Suisse pledged to raise its dividend by at least 5% per year from 2019.

The bank is nearing the end of a three-year restructuring program aimed at increasing profitability by boosting its wealth-management business while streamlining the more volatile investment-banking arm.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

December 12, 2018 01:45 ET (06:45 GMT)

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