On 21 October 2015, Credit Suisse Group AG (SIX: CSGN) announced that it plans to issue new shares in a total amount of CHF 6 bn (EUR 5.55 bn). A first tranche of this capital increase shall result in the issuance of registered shares to certain qualified investors. The second tranche shall be executed by way of a rights offering to existing shareholders, underwritten by a banking syndicate. Both tranches were approved by the shareholders in an extraordinary general meeting on 19 November 2015. The closing is expected to occur on 4 December 2015. Through this capital increase, Credit Suisse Group intends to strengthen its Common Equity Tier 1 capital.