ZURICH, Dec. 19, 2002 (PRIMEZONE) -- Credit Suisse Group (NYSE:CSR) today announced that Credit Suisse First Boston's Zurich-based securities and treasury execution platform, including the respective mid- and back-offices and IT functions, will be fully integrated into Credit Suisse Financial Services by June 30, 2003. With this realignment, the Group expects to achieve significant efficiency gains, while at the same time maintaining its high standard of service for its Swiss clients.
In the future, Credit Suisse Financial Services (CSFS) will execute securities and treasury transactions for its private banking, retail and corporate clients on the Swiss platform under its own name. In the Swiss franc market, Credit Suisse will be the Group's sole funding name (incl. Swiss Interbank Clearing) and will represent Credit Suisse First Boston's (CSFB) Swiss franc fixed income and primary market businesses. CSFB will, in the future, use its London execution platform to deliver securities and treasury products to its Swiss institutional, corporate and government clients. CSFB's investment banking and Swiss institutional coverage businesses in Switzerland will be maintained and are not affected by these changes.
The realignment is expected to result in cost synergies for the Group of approximately CHF 140 million p.a. and in a reduction of approximately 300 jobs overall by the end of 2003. It is planned that the integration process will be finalized by the end of the first half of 2003.
Oswald J. Grubel, Chief Executive Officer of CSFS and Group Co-CEO effective January 1, 2003, said: "We are convinced that with this move, we can make even better use of our skills and infrastructure in Switzerland, while continuing to create value for our clients throughout the Group. We will continue to cooperate closely with CSFB as our preferred provider of securities and treasury products."
Enquiries
Credit Suisse Group, Media Relations, Telephone 41 1 333 8844
Credit Suisse Group, Investor Relations, Telephone 41 1 333 4570
Credit Suisse Group
Credit Suisse Group is a leading global financial services company headquartered in Zurich. The business unit, Credit Suisse Financial Services, provides private clients and small and medium-sized companies with private banking and financial advisory services, banking products, and pension and insurance solutions from Winterthur. The business unit Credit Suisse First Boston, an investment bank, serves global institutional, corporate, government and individual clients in its role as a financial intermediary.
Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and Frankfurt, and in the form of American Depositary Shares (CSR) in New York. The Group employs around 80,000 staff worldwide. As of September 30, 2002, it reported assets under management of CHF 1,221.8 billion.
Cautionary statement regarding forward-looking information
This press release contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to our plans, objectives or goals; our future economic performance or prospects; the potential effect on our future performance of certain contingencies; and assumptions underlying any such statements. Words such as "believes," "anticipates," "expects," intends" and "plans" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable laws. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved.
We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include (i) market and interest rate fluctuations; (ii) the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations in particular; (iii) the ability of counterparties to meet their obligations to us; (iv) the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations; (v) political and social developments, including war, civil unrest or terrorist activity; (vi) the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations; (vii) the ability to maintain sufficient liquidity and access capital markets; (viii) operational factors such as systems failure, human error, or the failure to properly implement procedures; (ix) actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our operations; (x) the effects of changes in laws, regulations or accounting policies or practices; (xi) competition in geographic and business areas in which we conduct our operations; (xii) the ability to retain and recruit qualified personnel; (xiii) the ability to maintain our reputation and promote our brands; (xiv) the ability to increase market share and control expenses; (xv) technological changes; (xvi) the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users; (xvii) acquisitions, including the ability to integrate successfully acquired businesses; and (xviii) our success at managing the risks involved in the foregoing.
We caution you that the foregoing list of important factors is not exclusive; when evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, as well as the risks identified in our most recently filed Form 20-F and reports on Form 6-K furnished to the U.S. Securities and Exchange Commission.