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Credit Suisse expects fourth-quarter gain from SIX Group stake accounting

Reuters
Logo of Swiss bank Credit Suisse is seen Zurich

ZURICH (Reuters) - Credit Suisse <CSGN.S> said it expects to book a pre-tax gain of at least 450 million Swiss francs (353 million pounds) in the fourth quarter of 2019 from the revised accounting treatment of its stake in financial infrastructure company SIX Group.

"The gain is expected to add approximately 10 (basis points) to Credit Suisse's year-end 2019 CET1 ratio. This is a change in the accounting basis only and Credit Suisse remains a supportive long-term shareholder of SIX Group AG, having increased its holding to 15% in recent years," the bank said on Friday.

(Reporting by Michael Shields; Editing by Muralikumar Anantharaman)