Clients caught up in Credit Suisse’s integration of its subsidiary bank in Aargau, flocked to competitor banks in the canton. These banks scooped them up.
When Credit Suisse closed 14 branches of its subsidiary bank Neue Aargauer Bank (NAB) and four Credit Suisse branches in Aargau last year, many clients took the opportunity to switch to competitors.
For the local population, «this was a huge event; de facto, a bank was grounded,» Dieter Widmer, Aargauische Kantonalbank CEO recently told finews.com in an interview (in German).
Aargauische Kantonalbank, was one of the local rivals to benefit from the incident. «We saw a significant increase in new customers; about 1,000 per month, twice as many as usual,» Widmer said.
New Clients Daily
Valiant Bank, which recently opened a branch in Wohlen, was also able to strengthen its presence in the canton. «We have gained noticeably more new customers in Aargau,» a spokesman told finews.com, without giving specific figures.
Mortgage lender Hypothekarbank, also scooped up NAB clients: «We benefited from the changes in the Aargau banking center and are able to welcome new private and corporate clients in our branches every day,» Roger Brechbühler, head of private and corporate clients, told finews.com.
Basellandschaftliche Kantonalbank recently opened branches in Frick and Rheinfelden. Area manager Matthias Kottmann told finews.com that he is very satisfied with how business is running: «(The bank’s) new customers do not only include former NAB customers,» he said.
According to Credit Suisse regional head Roberto Belci (image below), the situation for Switzerland’s second largest bank is not quite as bleak: «Many customers were amazed at how uncomplicated the switch was,» he said.
Credit Suisse has also received inquiries from some former NAB customers who want to return, he added. However, «across all businesses, the net business volume as of the end of September is about six percent lower,» he told finews.com.
In addition to the branch closures last year, Credit Suisse cut around 500 jobs in the region. To date, a solution has been found for more than 95 percent of the employees affected, Credit Suisse told finews.com, without giving specific details.
