Embattled Swiss investment bank Credit Suisse has concluded a CHF4bn ($4.3bn) capital raise, which will be used to facilitate its revamp.

This includes a $2.38bn raise through a rights offering, where subscription rights for 872.9 million new shares were offered.

Investors agreed to purchase 98.2% of the stock on sale.

The rights offer is said to improve the bank’s CET1 ratio by almost 140 basis points.

It marked the second portion of the raise, which added to the CHF1.8bn ($1.9bn) already raised via private placement to institutional investors led by Saudi National Bank

The two-pronged capital injection is aimed at helping the bank rebound after costly legal tussles, fund outflows and losses running into billions. It was a key objective under the strategic review unveiled in October this year.

The restructuring will see the bank splitting its business and spining off its investment banking unit to focus on its profitable wealth business.

Credit Suisse looks to lay off 9,000 employees by 2025 to stem the losses.

Last month, it trimmed one-third of its investment banking employee headcount in China, including almost half of its China research team.

The bank reported a net loss attributable to shareholders of $4.07bn in Q3 2022, and warned of a $1.6bn loss in Q4 after exodus of wealthy clients.

Besides, the Zurich-bank said that the cost control measures it has already begun constitute almost 80% of the 2023 cost-base reduction goal of about CHF1.2bn ($1.3bn).

Credit Suisse Ulrich Körner CEO said: “The successful completion of the capital increase is a key milestone for the new Credit Suisse.

“It will allow us to further support our strategic priorities from a position of capital strength and create a simpler, more stable and more focused bank built around client needs, and generating value for shareholders.”