Credit score Suisse’s Personal Banking Switzerland to be a part of Swiss enterprise

The brand of Swiss financial institution Credit score Suisse is seen at a department workplace in Zurich, Switzerland April 14, 2021. REUTERS/Arnd Wiegmann

ZURICH, Feb 28 (Reuters) – Credit score Suisse’s (CSGN.S) Personal Banking Switzerland might be a part of its Swiss enterprise from April 1 somewhat than of the newly created wealth administration unit, the financial institution mentioned in an inner memo on Monday, making first adjustments to a brand new construction offered in November. learn extra

“Now we have fastidiously weighed the professionals and cons of various fashions and have come to the conclusion that serving our non-public banking shoppers within the prosperous and high-net-worth segments within the Swiss Financial institution is one of the best technique to leverage our strengths and to attain our strategic objectives,” Andre Helfenstein, CEO of Credit score Suisse’s Swiss Financial institution, the group’s banking enterprise in Switzerland.

“Consequently, the Personal Banking Switzerland Division will change into a part of the Swiss Financial institution,” he mentioned within the memo seen by Reuters and confirmed by Credit score Suisse.

The data was first revealed by Finews.

Serge Fehr, head of Personal Banking Switzerland, will report on to Helfenstein, the memo mentioned.

The financial institution’s former Chairman Antonio Horta-Osorio, who has since stepped down over breaches to quarantine guidelines, offered the brand new technique final yr in an effort to curb a freewheeling tradition that has value the financial institution billions in a string of scandals.

Reporting by Oliver Hirt, writing by Silke Koltrowitz. Enhancing by Jane Merriman

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