August 9, 2016 / 7:42 AM / 3 years ago

Credit Suisse CEO says bank does not need to raise capital: Bloomberg

CEO Tidjane Thiam (R) of Swiss bank Credit Suisse awaits a news conference to present the bank's halfyear results in Zurich, Switzerland July 28, 2016. REUTERS/Arnd Wiegmann

(Reuters) - Swiss bank Credit Suisse AG (CSGN.S) does not need to raise capital “in most foreseeable scenarios”, Chief Executive Tidjane Thiam said in an interview with Bloomberg.

Thiam said there was no need for consolidation with other European banks as it would be difficult in “this new environment”.

Citing strong organic growth, Thiam said Credit Suisse would not need to buy another bank.

Credit Suisse (CSGN.S) posted an unexpected second-quarter net profit on July 28, boosting Thiam’s efforts to restructure Switzerland’s second-biggest bank.

The bank’s shares were down 48.8 percent this year up to Monday’s close.

Reporting by Shalini Nagarajan in Bengaluru; Editing by Sunil Nair

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