Credit Suisse announced on Thursday it will offer 889,368,458 new shares to existing investors at a value of 0.04 Swiss francs each.

The bank said it expects to generate around 2.24 billion Swiss francs via the share issue. Credit Suisse also noted it has issued 462,041,884 new shares to qualified investors at a price of 0.04 Swiss francs each via a share placement, which it expects to bring it around 1.76 billion Swiss francs, and stated 307,591,623 new shares were issued to and purchased by Saudi National Bank (SNB) in connection with the share placement, giving it a 9.9% stake in the company.

The lender plans to use the proceeds expected to total 4 billion Swiss francs to fund its earlier announced strategic transformation.