Credit Suisse (CS) announced that it has injected an additional Sw. Frs. 2 billion ($1.338 billion) into its troubled Winterthur insurance subsidiary, and expects the unit to post a “significant” third quarter loss.
CS was required to provide an additional Sw. Frs. 1.7 billion ($1.137 billion) in funding for Winterthur last June. The insurer’s apparent inability to turn a profit was one of the main reasons behind the departure of Chairman and CEO Lukas Mühlemann last month. (See IJ Website Sept. 20)
According to Dow Jones Newswire the new funds will come from “excess liquidity from the Credit Suisse Group parent company, ” and will have no impact on the bank’s capital ratios.
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