ZURICH, Switzerland, April 14, 2005 (PRIMEZONE) -- Credit Suisse Group announced today that it expects to merge its two Swiss banks Credit Suisse and Credit Suisse First Boston on May 13, 2005, subject to final internal and regulatory approvals.
The merged bank, which will be operational from May 16, 2005, will be called Credit Suisse, and will continue to use the Credit Suisse, Credit Suisse First Boston and Credit Suisse Asset Management brands. The merged entity will assume all of the activities, assets, liabilities, rights and obligations of the existing banks. Branches and representative offices of the former Credit Suisse and Credit Suisse First Boston will become part of the combined bank and will operate under the Credit Suisse name. Subsidiaries and sister companies such as Credit Suisse Group's independent private banks (Bank Leu, Clariden Bank, Bank Hofmann, Banca di Gestione Patrimoniale), Neue Aargauer Bank and the U.S. based broker-dealer (Credit Suisse First Boston LLC) will not be affected by the merger or name change.
The merger of these Swiss legal entities constitutes the first step towards the creation of an integrated One Bank organization. It is the first technical step in the integration process and will have no impact on clients or employees. The adjusted organization and external reporting on the basis of the new One Bank structure is expected to take effect from January 1, 2006.
Credit Suisse Group
Credit Suisse Group is a leading global financial services company headquartered in Zurich. It provides private clients and small and medium-sized companies with private banking and financial advisory services, and pension and insurance solutions from Winterthur. In the area of investment banking, it 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 60,000 staff worldwide. As of December 31, 2004, it reported assets under management of CHF 1,220.7 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; (xviii) the adverse resolution of litigation and other contingencies; and (xix) 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 US Securities and Exchange Commission.
The press release can be downloaded from the following link: http://hugin.info/100174/R/989145/148346.pdf