SNB says UBS, Credit Suisse likely need 10 bln Sfr in new capital

June 16, 2016 4:53 AM

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ZURICH, June 16 The Swiss National Bank (SNB) said on Thursday the country's two biggest banks, UBS and Credit Suisse, will likely each need to raise an extra 10 billion Swiss francs ($10.4 billion) in capital to meet new leverage requirements.

"The big banks could cover the bulk of this capital requirement by issuing high-trigger CoCos (contingent convertible bonds), as both of them already almost meet the 3.5 percent CET1 capital requirement," the central bank wrote in its annual financial stability report.

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