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Accounting treatment for equity investment in SIX Group AG

Following a review of the accounting treatment of the shares that we hold in the Swiss stock exchange group, SIX Group AG, Credit Suisse has made the decision to elect fair value accounting under US GAAP in respect of this equity investment. On the basis of SIX Group’s financial accounts as of 30 June 2019, this is expected to result in a pre-tax gain of at least CHF 450 million in the fourth quarter of 2019, which will be recognised in the corresponding SUB and IWM divisional results. The gain is expected to add approximately 10 bps to Credit Suisse’s year end 2019 CET1 ratio. This is a change in the accounting basis only and Credit Suisse remains a supportive long term shareholder of SIX Group AG, having increased its holding to 15% in recent years.