Swiss financial services company Credit Suisse has revealed it plans to consolidate a number of its banking divisions into one entity to be known as Clariden Leu at the beginning of 2007.
From the start of the new year Credit Suisse is planning to merge its private banks Clariden Bank, BGP Banca di Gestione Patrimoniale, Bank Hofmann and Bank Leu plus the securities dealer Credit Suisse Fides to form the single autonomous bank, Clariden Leu.
The bank will be headed by F. Bernard Stalder, currently CEO of Clariden Bank. Walter Berchtold, private banking head at Credit Suisse, has been designated chairman of the board of directors.
Clariden Leu will focus on wealthy clients and will look to position itself as a leading international private bank firmly rooted in Switzerland, while adding CHF100 million per annum in net income from 2008.
Walter Berchtold commented: With this strategic move, Clariden Leu will become one of the leaders in the Swiss private banking business. Moreover, it will have the critical mass in all market areas to invest in the continued expansion of its international business and play an active role in the ongoing consolidation process in this sector.