Credit Suisse is poised to peel off its Swiss unit in just over six weeks. finews.ch dissects what this means.
The Zurich firm’s Swiss Universal Bank, or SUB, will begin operating on Nov. 21, according to Switzerland’s commercial register.
A spokesman for Credit Suisse told finews.ch the move, which will happen on the weekend of Nov. 19. and 20., won’t have any effect on clients.
The Swiss unit will employ by 6,600 people led by Thomas Gottstein, a veteran Credit Suisse investment banker.
The bank plans to float 20 to 30 percent of the unit to investors, part of a plan under CEO Tidjane Thiam disclosed nearly one year ago.
Credit Suisse plans to reveal more details at a 7. Dec. investor event.
Sales & Trading Move
A spokesman for Credit Suisse told finews.ch that the unit’s banking license from Finma is still pending, but there is no indication that the bank won’t be granted the permit.
In a first step, trading activities will be temporarily shifted to the Swiss unit, due to interdependencies, the spokesman said.
The technical functionality will be built up in Credit Suisse in order to provide trading services from the parent company.
Throughout this process, the trading platform will be managed as an entity of international wealth management division, regardless of part of trading infrastructure moving temporarily to the Swiss unit, the spokesman said.
