(Bloomberg) — Credit Suisse Group AG announced plans to raise $4 billion in a rights offering, abandoning plans to hold a partial initial public offering of its Swiss business.
“We have decided not to pursue a partial initial public offering of our Swiss banking subsidiary Credit Suisse (Schweiz) AG, thus retaining full ownership of a historically stable income stream in our home market of Switzerland and avoiding complexity in the business structure and activities of a key division of the Group,” the bank said in a statement Wednesday.
A project that began in late 2015, the Swiss listing ran into opposition from analysts and investors, who questioned the merit of splitting a business than generates more pretax profit…