Credit Suisse pumps 2 billion francs into Winterthur. (Companies).Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Group, Zurich, Switzerland, said it poured 2 billion Swiss francs Noun 1. Swiss franc - the basic unit of money in Switzerland franc - the basic monetary unit in many countries; equal to 100 centimes centime - a fractional monetary unit of several countries: France and Algeria and Belgium and Burkina Faso and Burundi and (about $1.3 billion) into its troubled Winterthur insurance subsidiary, adding that it expects its third-quarter results to be hit by a "significant net loss" in the insurance business. Winterthur received 600 million francs in equity capital, and 1.4 billion francs from a direct capital injection. "Winterthur has substantially reduced the equity exposure of its investment portfolio to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. the impact of international equity market volatility on its solvency capital as far as possible," said Credit Suisse. "However, related hedging costs and further realized losses Realized LossA loss recognized when assets are sold for a price lower than the original purchase price. Notes: A portion of the realized loss may be applied against a capital gain or realized profit to reduce taxes. again impacted Winterthur's capital base in the third quarter of 2002." The bank said further action might be taken to improve Winterthur's solvency capital, "in line with market developments ." Credit Suisse Group is adequately capitalized, the company said. |
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