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(Bloomberg) -- Credit Suisse Group AG is preparing a new three-year strategic plan that will emphasize investment in its most lucrative businesses after a period of cost-cutting and building up capital, according to an internal memo.

Work on the 2018-2020 plan began this month after the bank moved up a strategy meeting between executives and directors to June from the usual time of late August, according to the memo seen by Bloomberg and confirmed by the bank.

“Looking beyond 2018 we agreed there would continue to be significant value creation opportunities available to a restructured Credit Suisse,” Chief Executive Officer Tidjane Thiam wrote. “That would translate into a growing valuation of Credit Suisse as we continue to allocate more capital towards businesses that will generate higher returns and are more capital efficient.”

Credit Suisse is mid-way through a three-year plan that has replenished capital with two share sales raising more than 10 billion francs ($10.4 billion) combined. Job cuts and other belt-tightening measures have trimmed 1.9 billion francs in fixed costs. The bank has pulled back in investment banking and continues to wind down its strategic resolution unit, which contains assets that no longer fit its shift to wealth management and emerging markets.

Credit Suisse said that moves to boost the size and proportion of capital allocated to businesses attracting a higher market multiple will drive the bank’s valuation higher after 2018.

To contact the reporters on this story: Patrick Winters in Zurich at pwinters3@bloomberg.net, Jan-Henrik Förster in Zurich at jforster20@bloomberg.net.

To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Cindy Roberts

©2017 Bloomberg L.P.

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