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. Last Updated: 07/27/2016

Credit Suisse Plans to Buy Back Stock

ZURICH -- Credit Suisse Group, Switzerland's second-largest bank, will use proceeds from the sale of its Winterthur insurance unit to buy back a record amount of stock and make money-management acquisitions.

The bank plans to repurchase as much as 8 billion francs ($6.4 billion) of shares over three years and has set aside 3.5 billion francs for possible wealth management purchases in the United States, the Middle East and Asia, Credit Suisse said in a presentation Monday.

"We have the requisite resources to grow our business, while at the same time returning capital to our shareholders," CEO Oswald Gruebel said.

Credit Suisse last month sold Winterthur to France's Axa for 12.3 billion francs, raising cash to compete with rivals including UBS AG in faster-growing markets such as Latin America, Russia and Asia. Financial chief Renato Fassbind said the bank aims to use proceeds from the sale to generate "double-digit" earnings-per-share growth.