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

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

21.11.2016

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Credit Suisse
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media.relations@credit-suisse.com

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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).

Credit Suisse AG

Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 47’690 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Cautionary statement regarding forward-looking information

This media release contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to the following:

our plans, objectives or goals;
our future economic performance or prospects;
the potential effect on our future performance of certain contingencies; and
assumptions underlying any such statements.

Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable securities laws.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements. These factors include:

the ability to maintain sufficient liquidity and access capital markets;
market volatility and interest rate fluctuations and development s affecting interest rate levels;
the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations, in particular
the risk of continued slow economic recovery or downturn in the US or other developed countries in 2016 and beyond;
the direct and indirect impacts of deterioration or slow recovery in residential and commercial real estate markets;
adverse rating actions by credit rating agencies in respect of us, sovereign issuers, structured credit products or other credit-related exposures;
the ability to achieve our strategic objectives, including improved performance, reduced risks, lower costs and more efficient use of capital;
the ability of counterparties to meet their obligations to us;
the effects of, and changes in, fiscal, monetary, exchange rate, trade and tax policies, as well as currency fluctuations;
political and social developments, including war, civil unrest or terrorist activity;
the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations;
operational factors such as systems failure, human error, or the failure to implement procedures properly;
actions taken by regulators with respect to our business and practices and possible resulting changes to our business organization, practices and policies in countries in which we conduct our operations;
the effects of changes in laws, regulations or accounting policies or practices in countries in which we conduct our operations;
competition or changes in our competitive position in geographic and business areas in which we conduct our operations;
the ability to retain and recruit qualified personnel;
the ability to maintain our reputation and promote our brand;
the ability to increase market share and control expenses;
technological changes;
the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users;
acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets;
the adverse resolution of litigation, regulatory proceedings and other contingencies;
the ability to achieve our cost efficiency goals and cost target s; and
our success at managing the risks involved in the foregoing.

We caution you that the foregoing list of important factors is not exclusive. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, including the information set forth in “Risk factors” in I – Information on the company in our Annual Report 2015.

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

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