Credit Suisse activist RBR Capital to commence talking to other shareholders (translated)
22 OCT 2017
Activist investor RBR Capital Advisors is to commence talking to other shareholders in Credit Suisse [VTX:CSGN], Tagesanzeiger reported.
Asked if it is true he has the backing of 100 Credit Suisse investors, RBR Chief Rudolf Bohli told the Swiss daily he has only spoken to investors who do not currently hold CS shares, but who could acquire shares and support him. Bohli said he has not spoken to existing shareholders for legal reasons but now that his plans are in the open he will begin speaking to investors. Bohli stated he does not have to speak to all CS investors.
Asked to reveal the CS management's reaction to his plans, Bohli said it was friendly, noting that the management has one year to execute its strategy, and will need a new strategy by then at the latest.
In the interview Bohli also rejected talk that he is looking for short term profit from his investment, stating it is a serious investment.
Bohli's plans include spinning off the investment bank, the report stated. Bohli said the investment bank has 12,000 employees generating an average turnover of USD 500,000 per employee, which is not enough. Employees numbers should be halved, Bohli told the paper.