Credit Suisse to use repurchased shares for employee plans

ZURICH (Reuters) – Credit Suisse’s board of directors has decided not to cancel more than 25 million shares it repurchased under a buyback programme halted last year, and will instead use them to service employee participation plans, the bank said on Wednesday.

The bank suspended its 1.5 billion franc ($1.5 billion) buyback programme in the first quarter of 2021. By then it had repurchased a total of 25.09 million shares for 305.2 million Swiss francs.

($1 = 0.9992 Swiss francs)

(Reporting by Michael Shields; Editing by Jan Harvey)