Credit Suisse: strategic refocusing in Switzerland
(CercleFinance.com) - Credit Suisse announced on Monday its intention to increase its investments in Switzerland as part of a strategic refocusing on its fastest growing businesses.
In a statement, the bank said that it has decided to adapt the business model of its Swiss branch and to make "substantial" investments in the country.
The Zurich based group mentions a difficult market environment, marked by negative interest rates, increased pressure on margins and the arrival of new competitors.
It is expected that a new business sector, called "Direct Banking" bringing together nearly a million private customers, will offer a "simplified" and "faster" access to banking services.
In addition, over the next three years, Credit Suisse plans to invest a "high three-digit" million in its Swiss business in digitisation, customer service and marketing.
Finally, on 1 September, the investment banking team for Switzerland will leave the "Corporate & Investment Banking" business line, to which it has been attached until then, to become a business sector in its own right.
The CS Group share is currently down 0.2% at the Zurich Stock Exchange following these announcements.
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