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Credit Suisse to redeem $1.5 billion in tier 1 capital

The logo of Swiss bank Credit Suisse is seen on a building at Paradeplatz square in Zurich, February 13, 2013. REUTERS/Michael Buholzer
The logo of Swiss bank Credit Suisse is seen on a building at Paradeplatz square in Zurich, February 13, 2013. REUTERS/Michael Buholzer

ZURICH (Reuters) - Credit Suisse said on Wednesday it would redeem $1.5 billion in Tier 1 Capital notes next month as part of measures to manage its capital to comply with tougher regulation.

The bank said in a statement it had decided to redeem $1.525 billion 7.9 percent Tier 1 Capital Notes on March 28. It said it would pay a redemption price per note of $25, plus $0.07132 per note in interest.

Under strict new capital rules drawn up after the crisis, Switzerland has encouraged its two biggest banks, UBS and Credit Suisse, to shore up their financial strength.

Last October the bank said it would cut an extra 1 billion Swiss francs of costs, including axing more jobs, as part of efforts to bolster its profits and capital position.

(Reporting by Caroline Copley; Editing by Alden Bentley)

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