ZURICH, Switzerland, March 26, 2004 (PRIMEZONE) -- Credit Suisse Group today announced that it will bring together its Private Banking and Corporate & Retail Banking businesses under a joint management structure headed by Walter Berchtold. In addition, the Group said that Urs Rohner will become Group General Counsel, Head of the Group Corporate Center and a Member of the Group Executive Board. These changes are aimed at strengthening the Group's management and structure and at promoting future growth. Further, at the Annual General Meeting on April 30, 2004, the Board of Directors will propose to the shareholders that Noreen Doyle, David W. Syz and Peter F. Weibel be newly elected to the Board.
Effective April 1, 2004, Credit Suisse Group will bring the Private Banking and Corporate & Retail Banking divisions of its business unit Credit Suisse Financial Services under joint management in order to strengthen distribution and increase client focus. Credit Suisse Financial Services' segment reporting (Private Banking, Corporate & Retail Banking, Life & Pensions, Insurance) will not be affected, and no reduction in headcount is planned.
The new Banking division will be headed by Walter Berchtold, Member of the Group Executive Board and currently Head of Trading & Sales at Credit Suisse Financial Services. Alex W. Widmer, who had managed the private banking business since 2002 and contributed significantly to its leading position, will work closely with Walter Berchtold in the coming months to ensure a smooth transition and will stay with the Company as a Senior Advisor. The Market Area Heads of Private Banking and the Head of Corporate & Retail Banking, as well as the Heads of the Independent Private Banks that form part of Credit Suisse, will henceforth report directly to Walter Berchtold. His successor as Head of Trading & Sales at Credit Suisse Financial Services will be announced in due course.
The Board of Directors has also appointed Urs Rohner as Group General Counsel, Head of the Group Corporate Center and a Member of the Group Executive Board, effective June 1, 2004. Urs Rohner is Chief Executive Officer of ProSiebenSat.1 Media AG until end-April 2004 and was formerly a partner at the Zurich law firm Lenz & Staehelin. David Frick will remain Head of Group Legal & Compliance.
Oswald J. Grubel and John J. Mack, Co-CEOs of Credit Suisse Group, said: "Following our return to solid profitability last year and a good start in 2004, our focus is now on strengthening the company's management and improving the effectiveness of its organizational structures. We are very pleased that with Walter Berchtold, we have found an experienced manager from within the company to take over the helm of Credit Suisse Financial Services' banking business, and that with Urs Rohner we have added another proven manager as Group General Counsel and Head of our Corporate Center."
New Board Members Nominated
At the Annual General Meeting of Shareholders on April 30, 2004, the Board of Directors of Credit Suisse Group will propose that Noreen Doyle, David W. Syz and Peter F. Weibel be newly elected to the Board of Directors.
Noreen Doyle, a US and Irish citizen, has been at the European Bank for Reconstruction and Development since 1992 and has been First Vice President and Head of Banking at the London-based institution since September 1, 2001.
David W. Syz, a Swiss citizen, is currently Head of the Swiss State Secretariat for Economic Affairs (seco) in Berne and will step down from that position on March 31, 2004. He will become Vice-Chairman of the Board of Directors of Huber & Suhner AG, a Swiss firm specializing in electrical and optical connectivity, subject to his election to that position on April 21, 2004.
Peter F. Weibel, a Swiss citizen, has been a Member of the Boards of Directors of the Group's subsidiaries Credit Suisse First Boston, Credit Suisse and Winterthur since July 2003.
Walter B. Kielholz, Chairman of the Board of Directors of Credit Suisse Group, said: "We are delighted that we are able to propose to our shareholders three highly qualified candidates -- Noreen Doyle, David W. Syz and Peter F. Weibel -- who possess a wide range of competencies and different areas of experience, for election to the Board of Directors."
Marc-Henri Chaudet, a Member of the Board of Directors since 1997, will step down as of the Annual General Meeting 2004. The Board of Directors wishes to thank him for his valuable contribution to the company.
The Board of Directors will also propose to the shareholders that the current Members of the Board, Thomas D. Bell and Aziz R. D. Syriani, be re-elected for a period of three years. While their terms run until the Annual General Meeting in 2005, the Board of Directors aims, through these early re-elections, to stagger the terms of its Members as effectively as possible and thus ensure continuity.
In addition, the Board of Directors will propose a reduction in par value of CHF 0.50 per share in lieu of a dividend to the Annual General Meeting. Subject to approval by the shareholders, this par value reduction will be paid out on July 12, 2004.
Further proposals by the Board of Directors relate to the proportional amendment of the right to request the inclusion of an item on the agenda -- in line with the reduction in share value -- as well as the deletion of provisions concerning contributions in kind. No proposals from shareholders in accordance with Article 7 section 4 of the Articles of Association have been received. Credit Suisse Group's Annual Report will be published on March 31, 2004.
Further information / publication of the Annual Report 2003 The following documents can be found at www.credit-suisse.com:
-- CVs and photos of Walter Berchtold and Urs Rohner -- CVs of Noreen Doyle, David W. Syz and Peter F. Weibel -- Invitation to the Annual General Meeting of Shareholders -- Annual Report 2003 (March 31, 2004, from approximately 8.00 a.m.) 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 in the form of American Depositary Shares (CSR) in New York. The Group employs around 60,800 staff worldwide. As of December 31, 2003, it reported assets under management of CHF 1,199.0 billion.
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