Credit Suisse Announces Merger Of NAB With Credit Suisse (Schweiz) AG - Quick Facts

(RTTNews) - Credit Suisse (CS) said the company is taking further steps to streamline its business. The company intends to merge NAB's (Neue Aargauer Bank AG) business with that of Credit Suisse in Canton Aargau. Credit Suisse will adapt its Swiss branch network in response to evolving client needs, make organizational changes, and launch a new digital offering as well as a future-oriented branch concept.

In Canton Aargau, Credit Suisse and its 100% subsidiary NAB currently have a total of 30 branches. Following the merger, it is intended to maintain a total of 12 branches in Canton Aargau. The changes to Credit Suisse's branch network across Switzerland, including branches in Canton Aargau, are expected to be implemented by the end of 2020 - with a goal of 109 locations - compared to 146 at present.

As part of the company's plans to realign its market presence in Switzerland, Credit Suisse has developed a new branch concept that centers on the provision of advisory services.

The company's announced measures, including the planned merger of NAB with Credit Suisse, are anticipated to result in gross cost savings of around 100 million Swiss francs per annum from 2022 onwards. The company intends to reinvest a substantial portion of these synergies in the Swiss business.

Credit Suisse noted that a headcount reduction at NAB as well as the Swiss Universal Bank division of Credit Suisse is inevitable.