Credit Suisse was a prominent Swiss financial institution headquartered in Zurich.
It is now owned and will be fully integrated into UBS Group AG.
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Initially founded to finance Switzerland’s railway expansion, the bank evolved into a global entity offering services in investment banking, private banking, and asset management.
What is Credit Suisse?
Credit Suisse was founded in 1856 by Alfred Escher to finance Switzerland’s railroad expansion and industrialization under the name Schweizerische Kreditanstalt (SKA).
Over time, the bank evolved from a Swiss investment institution into a global financial services provider operating in more than 50 countries.
The bank’s growth was driven by both organic expansion and key acquisitions.
Significant mergers included the U.S. investment bank CS First Boston in 1990, Bank Leu and Volksbank in Switzerland in the early 1990s, Brazilian wealth manager Hedging-Griffo in 2007, and Morgan Stanley’s wealth management businesses in Europe, the Middle East, and Africa in 2013.
Since 2006, Credit Suisse has operated as a global universal bank, offering comprehensive offshore financial services across private banking, investment banking, and offshore asset management.
What happened to Credit Suisse?
Despite its growth, Credit Suisse faced multiple challenges. The bank navigated the 2007–2008 financial crisis without requiring a state bailout, unlike some competitors.
However, in the subsequent years, it encountered difficulties, notably a $5.5 billion loss from the Archegos Capital collapse in 2020 and issues related to Greensill Capital in 2021.
In March 2023, amid financial instability, UBS agreed to acquire Credit Suisse for 3 billion Swiss francs in a deal facilitated by Swiss authorities. The merger was completed in June 2023, resulting in the integration of Credit Suisse into UBS’s operations.
Colm Kelleher, UBS Chairman of the Board of Directors, and Sergio P. Ermotti, UBS Group CEO, highlighted the significance of the merger between UBS and Credit Suisse, marking a pivotal moment in their shared history.
Credit Suisse Contact Information
Credit Suisse clients are asked to contact UBS for any issues or concerns.
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