We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Credit Suisse Group | NYSE:CS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.8858 | 0 | 01:00:00 |
By Mauro Orru
Credit Suisse Group AG said Tuesday that it plans to merge the business of its subsidiary Neue Aargauer Bank AG with that of Credit Suisse, and establish a single brand in Canton Aargau, Switzerland.
The Swiss bank said the move was part of measures aimed at generating gross cost savings of around 100 million Swiss francs ($109.7 million) a year from 2022 onward.
The merger is expected to become effective at the end of November 2020, while the full closing should take place in the second quarter of 2021.
Credit Suisse and NAB currently have a total of 30 branches in Canton Aargau, where they will maintain a network of 12 after the merger.
Roberto Belci will take over the management of private banking and be responsible for the Aargau region, which will be managed as an individual business region as one of the three largest regions within Credit Suisse's Swiss Universal Bank division.
NAB Chief Executive Roland Herrmann will hand over operational responsibility for the integration to Roger Suter as interim chief executive, who will manage NAB until completion of the merger.
Credit Suisse said it planned to reinvest a substantial part of savings in the Swiss business, such as for hiring relationship managers for private, corporate and institutional clients.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
August 25, 2020 01:58 ET (05:58 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
1 Year Credit Suisse Chart |
1 Month Credit Suisse Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions