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Press Release

Credit Suisse announces the successful start of operations of Credit Suisse (Schweiz) AG

Credit Suisse AG announced today that the new Swiss legal entity Credit Suisse (Schweiz) AG has successfully started operations. This important step enhances the Group’s resolvability in accordance with the regulatory requirements set out under the Swiss ‘too-big-to-fail’ regime. Credit Suisse (Schweiz) AG is a 100% subsidiary of Credit Suisse AG and operates under its own banking license. The new legal entity comprises the Universalbank business for Swiss customers.

Credit Suisse’s strategy to further strengthen its leading positions in the Swiss private, corporate and institutional client businesses in Switzerland remains unchanged under the new legal entity structure. There will be no noticeable impacts for clients.

Tidjane Thiam, Group CEO of Credit Suisse, stated: “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.”

Thomas Gottstein, CEO of Credit Suisse (Schweiz) AG, 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. I would like to express my sincere thanks to all approximate 1,500 employees who worked tirelessly on this project over the past two years to ensure the successful establishment of Credit Suisse (Schweiz) AG.”

As previously announced, the Board of Directors of Credit Suisse (Schweiz) AG is composed of the following members: Alexandre Zeller (Chairman), Peter Derendinger, Alexander Gut, Andreas Koopmann, Urs Rohner, Severin Schwan and Tidjane Thiam.

The Executive Board has been appointed by the Board of Directors and consists of the following members as of January 1, 2017: Thomas Gottstein (Chief Executive Officer), Serge Fehr (Private & Wealth Management Clients), Felix Baumgartner (Premium Clients), Didier Denat (Corporate & Investment Banking), André Helfenstein (Institutional Clients), Florence Schnydrig Moser (Products & Investment Services), Urs Beeler (Sales and Trading Services), Antoine Boublil (Chief Financial Officer), Philippe Clémençon (Chief Risk Officer), Erwin Grob (Chief Compliance Officer), Thomas Grotzer (General Counsel), Dagmar Maria Kamber Borens (Chief Operating Officer), and Claude Täschler (Human Resources).