Acquisitions and divestitures
An overview of key mergers, acquisitions and divestitures
Allfunds Group initial public offering
As previously disclosed, during 2019 and 2020 Credit Suisse held an equity investment in Allfunds Group following the transfer of the Group's open architecture investment fund platform Credit Suisse InvestLab AG to Allfunds Group. On April 23, 2021, Allfunds Group announced a successful IPO on the Euronext Amsterdam exchange with an initial market capitalization of EUR 7.24 billion on the day of the listing. Following the IPO, the Group holds an equity interest in Allfunds Group of 9.4%, which has been reclassified to trading assets from other investments. Net revenues included a gain of CHF 317 million reflecting the share price development after the IPO as well as the reduction of our equity interest from 14.0% to 9.4%. Operating expenses included CHF 19 million of costs directly related to the IPO of Allfunds Group.
Neue Aargauer Bank integration
As announced on August 25, 2020, the Group plans to merge the business of its wholly owned subsidiary, Neue Aargauer Bank AG, with Credit Suisse (Schweiz) AG and establish a single brand in the Canton of Aargau.
Credit Suisse Founder Securities Limited
On April 17, 2020, the Group announced that Credit Suisse has received approval from the China Securities Regulatory Commission to increase its shareholding in its securities joint venture, Credit Suisse Founder Securities Limited, to 51% from the current 33.3% by way of a capital injection and related procedures.
Credit Suisse InvestLab AG
Following the completion of the first step of the combination of our open architecture investment fund platform Credit Suisse InvestLab AG (InvestLab) and Allfunds Group in September 2019, the Group successfully completed the second and final step of the combination in March 2020 with the transfer of related distribution agreements to Allfunds Group. Upon completion of this final step, the Group has become an 18% shareholder in the combined business and will be represented on the board of directors. Other revenues in 1Q20 included CHF 268 million from this second closing, reflected in net revenues of the Swiss Universal Bank, International Wealth Management and Asia Pacific divisions.
Credit Suisse InvestLab AG
In September 2019, we completed the first closing of the transfer announced in June 2019, which combined our open architecture investment fund platform, Credit Suisse InvestLab AG (Invest- Lab), with Allfunds Group. The subsequent transfer of the related distribution agreements is expected to be completed in 1Q20. Net revenues in 3Q19 included CHF 327 million from this first closing as reflected in the Swiss Universal Bank, International Wealth Management and Asia Pacific divisions.
Credit Suisse InvestLab AG
In June 2019, Credit Suisse and Allfunds Group entered into an agreement to combine the Credit Suisse open architecture B2B investment fund platform, Credit Suisse InvestLab, with Allfunds. As part of this combination, Credit Suisse will become a minority shareholder of up to 18% in the combined business and will be represented at the Board. The transaction, which is subject to customary closing conditions, will be implemented in staggered closings. Closing of the transfer of Credit Suisse InvestLab is expected in Q3 2019.
There were no significant business developments or subsequent events in 2018.
There were no significant business developments or subsequent events in 2017.
Sale of distressed credit portfolio
On May 3, 2016, Credit Suisse announced the signing of a Master Purchase Agreement to sell USD 1.27 billion of credit assets including a part of the Credit Suisse distressed portfolio to TSSP, the credit and special situations platform of TPG, a global private investment firm. The Credit Suisse distressed portfolio purchased by TSSP is comprised of over 270 instruments across asset types and geographies relating to approximately 170 companies.
Transfer of US private banking business
In 1Q16, the Group completed the transfer of its US domestic private banking relationship managers and certain other staff to Wells Fargo's brokerage business, Wells Fargo Advisors.
Transfer of US private banking business
The Group announced that it had entered into an exclusive recruiting arrangement to transfer its US domestic private banking relationship managers, their clients and certain other staff to Wells Fargo's brokerage business, Wells Fargo Advisors, by early 2016.
Credit Suisse – Prime Fund Services (PFS)
In August 2014, the Group announced the sale of Prime Fund Services (PFS), including the existing PFS team, to BNP Paribas. The transaction closed in the second quarter of 2015. Revenues, expenses and the pre-tax gain on the disposal from this sale were immaterial.
Credit Suisse announced the sale of Prime Fund Services (PFS), including the existing PFS team, to BNP Paribas.
The transaction is expected to close in 2015, subject to customary closing conditions, including related to antitrust and regulatory clearances. Revenues, expenses and the expected pre-tax gain on the disposal from this sale are immaterial.
Credit Suisse entered into an agreement to sell PB&WM local affluent and upper affluent business in Italy to Banca Generali S.p.A.
Credit Suisse entered into an agreement to sell Private Banking & Wealth Management's local affluent and upper affluent business in Italy to Banca Generali S.p.A. The transaction also includes approximately 60 agents of Credit Suisse (Italy) S.p.A., with over EUR 2.0 billion of assets under management. The transaction is expected to close by November 2014, subject to customary closing conditions, including related to regulatory requirements and labor agreements.
April 1, 2014
DLJ Merchant Banking Partners Spins Off from Credit Suisse (PDF)
Credit Suisse today announced that DLJ Merchant Banking Partners ("DLJ MBP"), the bank's mid-market leveraged buyout business, has spun off into an independent advisory firm, aPriori Capital Partners L.P. ("aPriori Capital"), established by the existing DLJ MBP management team led by Colin Taylor and Susan Schnabel.
Credit Suisse completes sale of Customized Fund Investment Group ("CFIG")
Credit Suisse completed the sale of CFIG, its private equity fund of funds and co-investment business, to Grosvenor Capital Management and recognized a pre-tax gain on disposal of CHF 91 million in 1Q14 net of allocated goodwill of CHF 23 million.
December 5, 2013
Credit Suisse agrees to sell domestic private banking business booked in Germany to ABN AMRO
Credit Suisse today announced the sale of its domestic private banking business booked in Germany to ABN AMRO. This follows earlier statements about Credit Suisse's plans to evaluate its private banking client service model in Western Europe.
August 1, 2013
Grosvenor Capital Management to Acquire CFIG from Credit Suisse Group AG
Grosvenor Capital Management, L.P. ("Grosvenor"), one of the world's largest discretionary allocators to hedge funds, today announced an agreement to acquire the Customized Fund Investment Group ("CFIG"), a leading global private equity, infrastructure and real estate investment management company, from Credit Suisse Group AG.
Credit Suisse completes sale of ETF business to Blackrock
Credit Suisse completed the sale of its ETF business to BlackRock and recognized a pre-tax gain on disposal of CHF 146 million in 3Q13 net of allocated goodwill of CHF 72 million. The sale price received by the Group may increase through future contingent payments, if specified thresholds are met. BlackRock is a company unrelated to the Group.
April 22, 2013
Blackstone Announces Acquisition of Credit Suisse's Strategic Partners Business
Blackstone today announced an agreement with Credit Suisse to acquire Strategic Partners, Credit Suisse's dedicated secondary private equity business with $9 billion in assets under management. The transaction is subject to customary closing conditions and is expected to close by the end of the third quarter 2013. The terms of the deal were not disclosed.
March 28, 2013
Credit Suisse announces sale of JO Hambro Investment Management (JOHIM)
Credit Suisse announced the sale of JO Hambro Investment Management to Bermuda National Limited. JOHIM is an independently operated London-based investment management boutique, which was acquired by Credit Suisse Group in 2001.
March 27, 2013
Credit Suisse to Acquire Morgan Stanley's Private Wealth Management Businesses in EMEA
Credit Suisse today announced that it has signed an agreement to acquire Morgan Stanley's wealth management businesses in Europe, Middle East and Africa (EMEA), excluding Switzerland. The businesses with a total of over USD 13 bn of assets under management are based in the UK, Italy and Dubai, serving predominantly international Ultra High Net Worth (UHNW) and High Net Worth (HNW) clients across Europe.
January 10, 2013
Credit Suisse announces the sale of its ETF business
Credit Suisse announces an agreement to sell its exchange traded funds (ETF) business to BlackRock, Inc. (BlackRock).
September 13, 2012
Credit Suisse Group to Sell Wincasa to Swiss Prime Site
Credit Suisse Group AG announced today that it has reached a final agreement with Swiss Prime Site AG on the sale of Wincasa AG.
June 11, 2012
Credit Suisse Completes Acquisition of HSBC's Private Banking Business in Japan
Credit Suisse announced today the completion of its acquisition of HSBC's private banking business in Japan which was first agreed on December 21, 2011.
Credit Suisse to acquire remaining stake in Hedging-Griffo
In the second quarter of 2012, the Group acquired the remaining equity interests in Hedging-Griffo Investimentos S.A. as contemplated under the existing option arrangements previously disclosed, gaining full control and ownership of Hedging-Griffo.
April 2, 2012
Merger between Clariden Leu AG and Credit Suisse AG Complete
The legal merger between Clariden Leu AG («Clariden Leu») and Credit Suisse AG («Credit Suisse») is complete.
November 15, 2011
Credit Suisse to integrate Clariden Leu
Credit Suisse plans to fully integrate Clariden Leu into its organization. The legal and operational integration is expected to be completed by the end of 2012.
November 17, 2010 (not available in English)
Neue Aargauer Bank - Öffentliches Kaufangebot der Credit Suisse Group AG
September 14, 2010
Credit Suisse's Asset Management division to acquire minority interest in York Capital Management
Credit Suisse announced today that its Asset Management division has agreed to acquire a minority interest in York Capital Management ("York"), a leading global hedge fund manager, based in New York. York will continue to operate independently and will continue to be led by Jamie Dinan, founder and Chief Executive Officer, Dan Schwartz, Chief Investment Officer, and the firm's senior management team.
May 10, 2010
Credit Suisse announces the purchase of Fortis Bank Nederland's Prime Fund Solutions business
Credit Suisse has entered into an agreement to purchase from Fortis Bank Nederland its Prime Fund Solutions business ("PFS"), a global leader in hedge fund administration services. The acquisition enhances Credit Suisse's offering to the alternative investment community through PFS' leading services, which include independent administrative services, investor services, net asset value calculation, banking, custody and financing solutions.
December 31, 2008
Credit Suisse Agrees to Sell Part of Global Investors business to Aberdeen Asset Management in return for a 24.9% interest
Credit Suisse today announced it had signed an agreement to sell part of its Global Investors (GI) traditional asset management business in return for up to 24.9% of the enlarged share capital of Aberdeen Asset Management. The stake is valued at approximately CHF 381 million (GBP 250 million) as of December 30, 2008.
August 26, 2008
Credit Suisse Acquires Majority Interest in Asset Management Finance Corporation
Credit Suisse Group today announced the acquisition on behalf of its Alternative Investments business of a majority interest in Asset Management Finance Corporation (AMF) from National Bank of Canada's merchant banking subsidiary (National Bank). Credit Suisse Group will acquire over 80% of AMF for USD 384 million of newly issued Credit Suisse Group stock.
April 22, 2008
Credit Suisse Credit Suisse strengthens private banking capabilities in Australia
Credit Suisse announced today that it has agreed to acquire the corporate advisory business of Hindal. This acquisition will further strengthen Credit Suisse's private banking capabilities in Australia through providing corporate advisory services to small-to-mid cap businesses.
November 1, 2007
Credit Suisse completes acquisition of Hedging-Griffo
Credit Suisse announced today that it has completed the acquisition of a majority interest in Hedging-Griffo, a leading independent asset management and private banking firm in Brazil.
December 22, 2006
Credit Suisse Group completes sale of Winterthur to AXA
Credit Suisse Group announced today that it has completed the sale of 100% of Winterthur Swiss Insurance Company (Winterthur) to AXA, finalizing the agreement first announced on June 14, 2006.
December 21, 2006
Credit Suisse To Acquire Majority Interest in Hedging-Griffo, A Leading Brazilian Wealth Manager
Credit Suisse announced today that it has signed an agreement to acquire a majority interest in Hedging-Griffo, a leading independent Asset Management and Private Banking company in Brazil for CHF 358 million in cash (USD 294 million/BRL 635 million).
June 14, 2006
Credit Suisse Group sells Winterthur to AXA
Credit Suisse Group today announced that it has entered into a definitive agreement for the sale of Winterthur Swiss Insurance Company (Winterthur), its insurance business, to AXA for a cash consideration of CHF 12.3 billion. AXA will acquire 100% of Winterthur. The transaction is subject to customary regulatory approvals and closing conditions and is expected to close around year-end 2006.
December 24, 2004
Credit Suisse Group sells its minority stake in the operations of Warburg Pincus
Credit Suisse Group announced the sale of its 19.9% stake in the operations of Warburg Pincus, the private equity firm, on December 24, 2004. The interest was repurchased by Warburg Pincus and the transaction closed on December 31, 2004.
November 4, 2004
Winterthur sells L'Unique Compagnie d'Assurances Générales
Winterthur announced the sale of its Canadian subsidiary L'Unique Compagnie d'Assurances Générales to La Capitale Assurances Générales Inc., on November 4, 2004. The sale was completed on November 22, 2004.
July 1, 2004
Winterthur Life sells PPML to The Capita Group Plc
The sale of Winterthur Life's UK pensions administration subsidiary Personal Pensions Management Limited (PPML), which was announced on May 18, 2004, closed on July 1, 2004.
March 29, 2004
Winterthur sells its French subsidiary Rhodia Assurances S.A. to April Group
Winterthur announced the sale of its French subsidiary Rhodia Assurances S.A. to April Group on March 29, 2004. The transaction closed on July 8, 2004.
February 3, 2004
Credit Suisse sells General de Valores Y Cambios brokerage business
Credit Suisse announced the sale of its Spanish brokerage operation, General de Valores y Cambios Sociedad de ValoresS.A. (GVC) on February 3, 2004. The transaction closed on the same date.
December 12, 2003
Credit Suisse sells its shareholding in Cornèr Banca S.A.
On December 12, 2003, Credit Suisse announced the sale of its shareholding in Cornèr Banca S.A. to Finmec Holding S.A., the controlling
September 26, 2003
Winterthur Group completes the sale of its Italian insurance operations to Unipol
Winterthur Group announced the completion of the sale of its Italian insurance operations to Unipol Assicurazioni SpA, on September 26, 2003. The sale was announced in June 2003.
September 1, 2003
Winterthur Group completes the sale of Churchill to The Royal Bank of Scotland Group
Winterthur Group announced the completion of the sale of its UK non-life insurer Churchill to The Royal Bank of Scotland Group on September 1, 2003.
May 26, 2003
Credit Suisse and UBS sell their holding in Swiss Steel
Credit Suisse and UBS announced the sale of their holding of 50.5% of Swiss Steel's share capital to SBGE Stahl Holding on May 26, 2003.
May 12, 2003
Winterthur sells its US-based Republic Group of Companies to Investor Group led by Wand Partner
On May 12, 2005, Winterthur announced the sale of its Republic group of companies, Winterthur's regional operation in the Southwestern US, to an American investor group led by Wand Partners Inc. The transaction was completed on August 31, 2003.
May 1, 2003
Credit Suisse First Boston completes the sale of Pershing to The Bank of New York.
On May 1, 2003, Credit Suisse First Boston announced the completion of the sale of its Pershing unit to The Bank of New York Company, Inc.
February 1, 2002
Sale of CSFB direct, Inc. USA
On February 1, 2002, Credit Suisse First Boston (USA), Inc. completed the previously announced sale of CSFB direct Inc., its US-based online trading operations, to the Bank of Montreal.
January 25, 2002
Sale of DLJdirect, Ltd. UK
On January 25, 2002, Credit Suisse First Boston (USA), Inc. completed the previously announced sale of DLJdirect Ltd., its UK-based online trading operations, to TD Waterhouse.
January 16, 2002
Credit Suisse First Boston announces acquisition of HOLT Value Associates LP, a leading provider of valuation software and independent research
Credit Suisse First Boston announced that it had entered into an agreement to acquire the assets of HOLT Value Associates LP, a leading provider of independent research and valuation services to asset managers.
December 7, 2001
Acquisition of SLC Asset Management
On December 7, 2001, Credit Suisse Asset Management acquired SLC Asset Management Limited, SLC Pooled Pensions Limited and Sun Life of Canada Unit Managers Limited, the principal UK asset management subsidiaries of Sun Life Financial Services of Canada Inc. The companies are asset management companies with contracts for the management of the insurance assets (including property) of their former affiliate Sun Life Assurances Company of Canada (UK) Limited and third-party institutional and retail funds.
September 30, 2001
Acquisition of Commercial General Union
On September 30, 2001, Winterthur Insurance acquired the non-life insurance activities of Commercial General Union in Belgium.
August 14, 2001
Credit Suisse concludes purchase of General de Valores y Cambios
On August 14, 2001, Credit Suisse concluded its purchase of the securities trading company General de Valores y Cambios (G.V.C.), in Spain together with the G.V.C. collective fund management subsidiary.
June 30, 2001
Divestment of Winterthur International
Winterthur Insurance sold its large multinational corporate insurance business Winterthur International to the Bermuda-based financial services group XL Capital Ltd., effective June 30, 2001.
April 4, 2001
Acquisition of Vojensky Otevreny Penzijni Fond (VOPF)
On April 4, 2001, Winterthur Life & Pensions acquired one of the largest Czech pension funds, Vojensky Otevreny Penzijni Fond (VOPF). The Group acquired 93.28% of total capital on January 18, 2001, and 6.66% of total capital on May 9, 2001.
February 7, 2001
Acquisition of JO Hambro Investment Management Limited
On February 7, 2001, Credit Suisse Private Banking acquired JO Hambro Investment Management Ltd., an investment company targeting high-net-worth individuals.
November 3, 2000
Acquisition of Donaldson Lufkin & Jenrette
On November 3, 2000, Credit Suisse Group acquired Donaldson, Lufkin & Jenrette, Inc., a US-based investment bank and financial services provider, serving institutional, corporate, government and individual clients.
Acquisition of Warburg Pincus Asset Management
The US asset manager, which became part of Credit Suisse Asset Management, was acquired on July 6, 1999.
July 31, 1998
Acquisition of Banco de Investimentos Garantia S.A.
Garantia Limited, and some of its subsidiaries and affiliates, which we collectively refer to as Garantia, were acquired on July 31, 1998. These operations became part of Credit Suisse First Boston except for the asset management business, which became part of Credit Suisse Asset Management. Garantia's principal business activities are fixed income and equity trading, asset management and investment banking in Brazil.
Sale of reinsurance operations
In 1998, Winterthur sold its reinsurance operations, which included European business written through the Winterthur legal entity as well as certain legal entities in the US, to Partner Re. In addition, we disposed of our 51.2% interest in HIH Winterthur, our Australian non-life operations.
December 15, 1997
Merger with Winterthur
On December 15, 1997, Credit Suisse Group merged with Winterthur Swiss Insurance Company, which provides insurance solutions to a worldwide clientele.
January 1, 1997
Reorganization and rebranding
CS Holding changed its name to Credit Suisse Group as of January 1, 1997, and the Group presented a new face to customers and the general public. Credit Suisse Group's reorganization was aimed at strengthening its focus on specific customer groups and concentrating on financial services. Four business units were formed – for retail customers in Switzerland, wealthy private clients around the world, international corporate customers/investment banking, and asset management for institutional investors.
1996 and before
Sale of Elektrowatt AG
CS Holding's focus on its core competencies was confirmed by the sale of Elektrowatt AG, the energy and engineering business, in December 1996.
Strategic alliance with Winterthur Group
In 1995, CS Holding entered into a strategic alliance with Winterthur, one of Europe's leading primary insurers.
In 1993, CS Holding acquired Volksbank, the fourth largest Swiss bank at the time.
In 1990, CS Holding acquired Bank Leu, which provides private banking services in Switzerland.
Beginning of cooperation with First Boston, Inc.
Beginning of cooperation with First Boston Inc. (FBI), which was to develop into one of the world's leading Euromarket houses.