Credit Suisse to Merge NAB Business in Streamlining Push
August 25 2020 - 02:13AM
Dow Jones News
By Mauro Orru
Credit Suisse Group AG said Tuesday that it plans to merge the
business of its subsidiary Neue Aargauer Bank AG with that of
Credit Suisse, and establish a single brand in Canton Aargau,
Switzerland.
The Swiss bank said the move was part of measures aimed at
generating gross cost savings of around 100 million Swiss francs
($109.7 million) a year from 2022 onward.
The merger is expected to become effective at the end of
November 2020, while the full closing should take place in the
second quarter of 2021.
Credit Suisse and NAB currently have a total of 30 branches in
Canton Aargau, where they will maintain a network of 12 after the
merger.
Roberto Belci will take over the management of private banking
and be responsible for the Aargau region, which will be managed as
an individual business region as one of the three largest regions
within Credit Suisse's Swiss Universal Bank division.
NAB Chief Executive Roland Herrmann will hand over operational
responsibility for the integration to Roger Suter as interim chief
executive, who will manage NAB until completion of the merger.
Credit Suisse said it planned to reinvest a substantial part of
savings in the Swiss business, such as for hiring relationship
managers for private, corporate and institutional clients.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
August 25, 2020 01:58 ET (05:58 GMT)
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