Credit Suisse has raised CHF4.1bn ($4.3bn) from investors in a rights offering to support the turnaround strategy of CEO Tidjane Thiam.

The bank said that 99.2% of the rights were exercised in the rights issue, while unsubscribed shares would be sold in the market.

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The Swiss bank said that the exercise would offer it a common equity tier 1 (CET1) ratio of 13.4% and a leverage ratio of 5.1%.

The bank decided to scrap plans of a partial IPO of its Swiss banking unit and instead announced plans for the capital raise in April 2017.

“Through the proposed share capital increase, we intend to strengthen our capital and leverage position, to continue to implement our strategy and advance our restructuring plans, pursue attractive growth opportunities and address expected increases in regulatory capital requirements,” the bank said at that time.

Last month, Thiam told shareholders that the fresh funds raised would be mainly used for expansion in wealth management.

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