Credit Suisse’ new Swiss legal entity Credit Suisse (Schweiz) AG has commenced operations ahead of stock market flotation by the end of 2017.
The new legal entity operates under its own banking license, which means it can keep functioning if its parent has to file for bankruptcy. It will serve Swiss retail, corporate, private and investment banking clients.
The new business comprises the Universalbank business for Swiss customers and will be run by Credit Suisse veteran Thomas Gottstein.
By creating a separate entity, the Swiss private banking giant fulfills the regulatory requirements set out under the Swiss ‘too-big-to-fail’ regime.
Credit Suisse group CEO Tidjane Thiam said: “Today’s launch of operations of Credit Suisse (Schweiz) AG is an important milestone in the implementation of our group strategy. The creation of Credit Suisse (Schweiz) AG is not only about the implementation of new regulatory requirements but also allows our Swiss business to build on the positive development over the past few quarters and gain further market shares in our crucially important home market.
“The creation and launch of our Credit Suisse (Schweiz) AG, a Swiss universal bank, will clearly demonstrate the value of our Swiss business and create positive momentum in the interest of our clients.”
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Gottstein stated: “We are convinced that our focus on the Swiss market and on serving clients domiciled in Switzerland will prove successful. Also, it underscores our strong commitment to the Swiss market where our bank has been serving private, corporate and institutional clients, including entrepreneurs throughout its 160 years of history.”
Last year, Credit Suisse’ local rival UBS also established a new subsidiary in Switzerland.