Credit Suisse Group: Restructuring on schedule.ZURICH, Switzerland Switzerland (swĭt`sərlənd), Fr. Suisse, Ger. Schweiz, Ital. Svizzera, officially Swiss Confederation, federal republic (2005 est. pop. 7,489,000), 15,941 sq mi (41,287 sq km), central Europe. --(BUSINESS WIRE)--September 19, 1996--The work begun at the start of July July: see month. this year to create a new, market and customer-oriented group structure is proceeding on schedule. The `Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Group' project is reaching the end of its second phase, which involves the design of business areas and the four business units, the detailed development of management structures and the plan for the actual implementation of the new organization between October October: see month. and December December: see month. of this year. On the basis of customer surveys, the Board of Directors of CS Holding and Credit Suisse have decided on the definitive names of the four business units. Richard Thornburgh has been appointed new chief financial officer of the Credit Suisse Group. In a joint meeting, the Board of Directors of CS Holding and Credit Suisse have decided on the definitive names of the future business units, marking a further, important stage in preparations for the new group structure. The four specialist business units will operate within the Credit Suisse Group under the following brand names: Swiss domestic banking -- Credit Suisse Private banking -- Credit Suisse Private Banking Institutional asset management -- Credit Suisse Asset Management Corporate and investment banking -- Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. These four business units will operate as independent entities within two new Swiss banks: Credit Suisse and Credit Suisse First Boston. `Credit Suisse' will be used as a Group-wide brand name. The Group will not now be using the name `Credit Suisse Volksbank' for the Swiss domestic banking unit. This is primarily because a thorough survey of customers showed that the longer name was too clumsy and did not convey an accurate impression of the bank's business orientation. On the other hand, the survey showed that customers associated the name `Credit Suisse' with values such as innovation, high performance and top quality. As previously announced, an extraordinary general meeting on October 11 1996 will decide on the change of name from `CS Holding' to `Credit Suisse Group.' -0- Richard Thornburgh named as new chief financial officer for the Credit Suisse Group The Board of Directors of CS Holding has appointed Richard Thornburgh to the post of chief financial officer of the Credit Suisse Group effective January 1, 1997 when Phillip Colebatch, currently chief financial and administrative officer of CS Holding and ad interim chief financial officer of the Credit Suisse Group, assumes his already announced new position as head of the new Credit Suisse Asset Management business unit. Thornburgh is currently chief administrative and financial officer at CS First Boston First Boston Corporation was a New York-based investment bank, founded in 1932 and acquired by Credit Suisse in 1988, when it became 'CS First Boston'. Globally referred to as Credit Suisse First Boston after 1996, the First Boston part of the name was phased out in 2006. , and a member of CS First Boston's executive board. CONTACT: In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. : (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ) Edgar Mitchell/Gail Quinn, 212/238-5016 or International: Gerhard Beindorf (Analysts), (01) 333 45 70 Peter Walser (Media), (01) 333 88 44 |
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