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Octopus Electric Vehicles has also added to its capital markets team
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Credit Suisse plans to use contingent convertible bonds to raise at least CHF250 million ($275 million) as part of its effort to repurchase CHF4 billion ($4.4 billion) of public tier 1 and tier 2 securities and swap them for instruments such as CoCos.
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The U.K. has rejected a recommendation by Vince Cable, its business secretary, to break up the Royal Bank of Scotland and create a bank to boost lending to businesses.
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BBVA has become the first Spanish bank to take over a nationalized lender, Unnim, for a single euro as the Bank of Spain looks to unload troubled institutions it holds.
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Lloyds Banking Group is putting together a £600 million ($949 million) portfolio of loans for its second such sale in six months. .
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Allied Irish Bank is planning to cut 2,500 jobs, about 20% of its workforce.
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Vince Cable, the U.K.’s business secretary, is recommending that the government break up the Royal Bank of Scotland and to create from it a British Business Bank to expand lending to businesses.
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Major European banks such as Barclays and Lloyds Banking Group have borrowed funds through the European Central Bank’s Long-Term Refinancing Operation through their subsidiaries in other countries to make them more financially self-sufficient and reduce their exposure to these units in the event local economies worsen.
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Credit Suisse has announced that it plans to repurchase about CHF 4 billion ($4.38 billion) in outstanding securities to meet tougher capital requirements imposed both by the Swiss government and the Basel Committee on Banking Supervision.
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Germany’s Commerzbank says it plans to raise its core Tier 1 capital by EUR776 million ($1.02 billion) in the first half of the year by exchanging an estimated 361 million new shares for debt securities that have an aggregate principal amount of EUR965 million ($1.32 billion).