ZURICH (Reuters) - Credit Suisse’s new subsidiary catering for Swiss retail, private and investment banking clients will go live on Nov. 21 ahead of an initial public offering next year, a bank spokesman said on Friday.
The creation of Credit Suisse (Schweiz) is part of a broader restructuring of the world’s fourth biggest private bank under Chief Executive Tidjane Thiam, who joined in July 2015.
Thiam wants to move away from volatile, capital-intensive investment banking and focus on wealth management, which offers more stable returns. He also wants to cut costs by at least 4.3 billion francs (3.53 billion pounds) by the end of 2018.
Credit Suisse (Schweiz) will be formally created on Nov. 20 and start operating on Nov. 21, the spokesman for the bank said, confirming a report in Swiss newspaper Finanz und Wirtschaft.
Zurich-based Credit Suisse plans to float 20-30 percent of its Swiss subsidiary, raising 2 billion to 4 billion francs in the second half of next year, though the bank has said the timing of the listing will depend on market conditions.
Under Thiam, Credit Suisse has set up three regional divisions for its private banking business - Asia Pacific, Switzerland and international wealth management - while splitting the investment bank in two.
Reporting by Joshua Franklin; editing by David Clarke