off-the-wire

Credit Suisse withdraws certain proposals to AGM following UBS merger

Kitco Media
By Reuters
Published:
Updated:
Reuters

March 29 (Reuters) - Credit Suisse Group AG (CSGN.S) said on Wednesday it has withdrawn certain proposals to the 2023 annual general meeting following the lender's recent merger with UBS Group AG (UBSG.S).

The withdrawn proposals includes the discharge of the board of directors and executive board for the financial year 2022. It also withdrew a proposal for a one-time deferred share-based transformation award for the executive board, the lender said in a statement.

Credit Suisse is not permitted to distribute a dividend this year, it said, adding that the lender will continue to request shareholders vote on the proposed appropriation of retained earnings, in line with the country's laws.

UBS this month agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.

Reporting by Anirudh Saligrama in Bengaluru;
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