Swiss Life has appointed Goldman Sachs and UBS to lead its Sfr1.15bn (€738m) capital increase, shunning Credit Suisse First Boston, the Swiss bank that has led all its equity deals in the last few years.

In its annual report, the life insurance group said it was preparing a Sfr800m equity issue and Sfr350m convertible bond issue having failed to sell Banca del Gottardo, its private bank.