Our Company History

1856 – Foundation

Founded by Alfred Escher, Schweizerische Kreditanstalt (SKA), the predecessor of today's Credit Suisse, opens for business on July 16, 1856. Alfred Escher heads the SKA as the first Chairman of the Board of Directors from 1856-1877 and from 1880-1882.

1870 – First representative office

The first SKA foreign representative office is established in New York.

1876 – Paradeplatz

On September 25, 1876, after a construction period of three years, SKA moves into the new building on Paradeplatz, which was designed by the famous architect Jakob Friedrich Wanner.

1890 – Leading position

From the end of the 19^th century, SKA plays a leading role in the Swiss underwriting and syndication business. It was able more often than its rivals to take on the prestigious role of lead manager in underwriting syndicates. 

1897 – Pension funds

In 1897, the Board of Directors of SKA establishes a pension fund, which provides its employees with benefits after their retirement. In 1919, SKA creates a pension fund in the form of a cooperative.

1905 – First branch

SKA takes over the office of Oberrheinische Bank in Basel in 1905, resulting in the opening of the first SKA branch outside Zurich.

1910 – Paris

SKA opens a representative office in Paris for its international safekeeping account clients.

1932 – First Boston

First Boston is founded as a subsidiary of The First National Bank of Boston. In 1934, First Boston becomes the first publicly held investment bank in the US.

1939 – Swissam

In July 1939, SKA creates the subsidiary Swiss American Corporation (New York), which focuses on the underwriting and investment business, as well as investment consultancy.

1940 – New York

SKA opens the New York Agency on May 9, 1940.

1962 – White Weld

In 1962, SKA takes over White, Weld and Co. AG, Zurich, from the US investment bank White Weld, New York. The acquisition is re-named Clariden Finanz AG.

1964 – Full-service bank

SKA is granted a license as a full-service bank for its New York branch, allowing it to accept deposits and carry out all other types of banking in the US.

1976 – Bodenkredit-Anstalt 

The merger with Schweizerische Bodenkredit-Anstalt marks the first major step toward growth in mass business and represents a substantial expansion of the sales network and client base.

1977 – The Chiasso affair

The Chiasso affair results in the biggest loss SKA has suffered in its entire history. The crisis prompts the bank to strike out for new shores and transform itself from a traditional Zurich institution into an international financial services provider.

1982 – SASI

Swiss American Securities Inc. (SASI), a subsidiary of SKA which was founded in the 1970s, is admitted as a member of the New York Stock Exchange in November 1982.

Thus SKA becomes the first Swiss bank to own a subsidiary with a seat on the New York Stock Exchange.

1988 – Stake acquired in CSFB

First Boston becomes CS First Boston with a takeover of 44.5% of CS First Boston by CS Holding. 1990 sees the acquisition of a majority holding in CS First Boston.

1989 – CS Holding

CS Holding, set up in 1982 as a sister company of SKA, becomes the parent company of SKA Group.

1990 – Bank Leu

Acquisition of Bank Leu.

1993 – Volksbank

Acquisition of Swiss Volksbank.

1994 – Swiss Re

Launch of strategic alliance with Swiss Re.

1994 – NAB

Acquisition of Neue Aargauer Bank (NAB).

1996 – Winterthur

Launch of strategic alliance with Winterthur Group. 1997 sees the merger of Credit Suisse Group with Winterthur.

1997 – Credit Suisse Group

CS Holding becomes Credit Suisse Group, and begins operational activities on January 1, 1997.

2002 – New organizational structure

Group organizational structure is streamlined to create two business units: Credit Suisse Financial Services and Credit Suisse First Boston.

2004 – Three business units

Group organizational structure is realigned to form three business units: Credit Suisse, Credit Suisse First Boston, and Winterthur.

2005 – One Bank

Credit Suisse implements its One Bank strategy by merging its Swiss bank legal entities, Credit Suisse and Credit Suisse First Boston.

2006 – New integrated bank

Credit Suisse celebrates its 150^th anniversary. At the same time, it divests Winterthur insurance company to AXA and commences activities as an integrated global bank. In keeping with its new status it launches a new logo.

2007 – Hedging-Griffo

Credit Suisse acquires a majority interest in Hedging-Griffo, a leading Brazilian wealth manager.

2007 – Clariden Leu

Merger of the four independent Credit Suisse private banks, Clariden Bank, Bank Leu, Bank Hofmann, and Banca di Gestione Patrimoniale, and the securities trading company Credit Suisse Fides to form Clariden Leu.

2007-2008 – Financial crisis

The most severe global financial crisis in recent times hits the bank, although a government bailout is not required.

2010 – Regulatory requirements

A committee of experts appointed by the Swiss Federal Council issues a report on how to address the "Too Big to Fail" issues relating to big banks, paving the way for tougher capital and liquidity requirements.

2012 – Integration / merger

Credit Suisse fully integrates its subsidiary Clariden Leu, while the Private Banking and Asset Management divisions are merged into a new, single Private Banking & Wealth Management division.

2014 – Settlement

Credit Suisse reaches a final settlement with the US authorities regarding all outstanding US crossborder matters.

2015 – Strategic realignment

Strategic realignment with three wealth management-focused divisions (Swiss Universal Bank, International Wealth Management, Asia Pacific) supported by two investment banking divisions (Global Markets, Investment Banking and Capital Markets) allows for more divisional autonomy going forward.

1880 – Introduction of the telephone

Telephones are introduced at SKA.

1882 – The Gotthard Tunnel

SKA plays a key role in the financing of this project of the century. The construction of the 15-kilometer-long tunnel was completed in less than 10 years ­ ─ the longest tunnel in the world at the time.

1890 – Bureau de change

The first SKA bureau de change opens with the aim of helping the urban population, and especially small businesspeople, to make use of the facilities as much as possible.

1895 – Effekten-Kursblatt

The bank launches the "Effekten-Kursblatt der Schweizerischen Kreditanstalt in Zürich" (Effekten-Kursblatt means "list of stock prices"), a pioneering supplement to its annual report. The list is described as the world’s first regular publication by a bank.

1904 – Calculating machine

The calculating machine is introduced at SKA.

1906 – Information office

SKA sets up an information office. In 1911 an "advertisements office" is opened, which is renamed the "propaganda office" during the interwar years. The bank maintains a very cautious attitude towards advertising for more than 100 years.

1920 – Bookkeeping machine

The bookkeeping machine is introduced at SKA.

1927 – Sports and leisure facility

The SKA Zurich-Fluntern sports and leisure facility is inaugurated (the picture shows the facility after its renovation and expansion in 1972).

1935 – Telex machine

The telex machine is introduced at SKA.

1944 – "Bulletin" magazine

Fifty years after SKA launched the "Effekten-Kursblatt," the magazine is renamed "Bulletin" – a name that remains until this day for the client and stakeholder magazine.

1948 – Punch card machine

SKA enters the data processing age in 1948 with the introduction of the first punch card machine – the first step taken by the bank on the road to office automation.

1951 – Teleprinter link to New York

SKA becomes the first major Swiss bank to operate a direct teleprinter link to New York.

1957 – Pneumatic post

Pneumatic post is introduced at SKA.

1960 – Investment funds

At the end of the 1960s, investment funds are introduced in Switzerland for the first time. From the outset, SKA is a leading provider. In the 1980s and 1990s, the bank builds up its funds business systematically and successfully.

1962 – Autobank

SKA opens Switzerland's first Autobank (drive-in bank). This is the biggest and most modern facility of its kind in Europe at the time. The drive-in bank is opened on the ground floor of the Bärenhof building at St.‑Peterstrasse 17 in Zurich, a few steps away from Paradeplatz.

1967 – Computer

As early as 1962, the first generation of computers is installed at SKA, in the form of the Bull Gamma 30 data processing apparatus, capable of processing 60,000 bookings per hour (picture). The second generation, in the form of the IBM/360-40, follows in 1967.

1968 – Bancomat

In a joint venture by SKA, Swiss Volksbank, Bank Leu and Swiss Bank Corporation, Bancomat ATMs are introduced. The first cash dispensers are installed in Zurich, Basel, Bern, St. Gallen, Geneva and Lausanne.

1970 – Automation systems

With the aim of linking front and back office departments in the 1970s and 1980s, SKA installs various automation systems for payments and foreign exchange processing. Notable innovations for this period include electronic tools such as Credimat, Contact Bank and Videotex.

1976 – SKA ski hat

In the summer of 1976, the advertising department takes up an idea proposed by an employee in La Chaux-de-Fonds and designs a ski hat in the new SKA colors. After some initial hesitancy, the executive board gives the go-ahead for the distribution of the hat. By the time this marketing legend is officially brought to a close in 1993, over 800,000 ski hats have been distributed.

1977 – Teaching computers

SKA acquires 100 teaching computers in 1977. In the years that follow, these systems are further developed to form the bank’s PC-aided teaching (PAT) program.

1978 – Sport sponsorship

SKA becomes the main sponsor of the Tour de Suisse, Switzerland's biggest sporting event. This marks the bank's early entry into the world of sports sponsorship. The partnership between SKA and Tour de Suisse lasts 22 years.

1980 – Uetlihof

The Uetlihof, SKA's largest office building in the world, is built on a former clay pit owned by the Zürcher Ziegeleien tile company and becomes operational in 1980. This building aspires to achieve the greatest possible harmony between nature and architecture. In 1993, SKA receives the "Grünpreis der Stadt Zürich" for the Uetlihof.

1986 – Initiative to support women

"Taten statt Worte" (deeds, not words) is the name of an initiative launched in 1986 by a number of Swiss companies, dedicated to furthering the position of women in the workplace.

1987 – Swiss Banking School

From 1987, the Swiss Banking School provides another excellent platform for international networking. SKA plays a vital role in the establishment of the school, which offers professional training for managers from banks and other financial institutions in Switzerland and abroad.

1988 – Uetlihof daycare

After two years of preparation, the Uetlihof daycare center is opened.

1993 – CS Firstphone

In May 1993, SKA opens the first telephone bank in Switzerland, called CS Firstphone. Firstphone offers 24-hour service, 365 days a year, and allows clients to get account information or carry out transactions over the telephone.

1994 – Communication Center

The Credit Suisse Communication Center "Bocken" opens. The Center aims to provide an open forum for the exchange of ideas and interaction in small groups.

1995 – First website

SKA is the first major Swiss bank to have a website. Shortly thereafter, interactive features are added.

1997 – Internet banking

Direct Net, the bank's internet banking platform is launched. Credit Suisse is the first Swiss bank to offer this kind of service with lasting success.

1998 – Fund Lab

With its internet site Fund Lab, Credit Suisse sets up a platform for investment funds where it offers fund products from its competitors as well as its own funds, so that clients can select the optimum funds to suit their needs.

1999 – Youtrade

Credit Suisse becomes the first Swiss bank to offer a discount brokerage service on the internet or by telephone, in the form of "youtrade."

2002 – emagazine

June 2002 sees the launch of emagazine, the first internet magazine for a European bank, with up-to-the-minute weekly stories on business, society, culture, and sports. The magazine is relaunched in 2007 with the new name "In Focus."

2015 – Digital private banking

Credit Suisse rolls out digital private banking capabilities in different locations around the globe, thus empowering clients and relationship managers with mobile technology.