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 firstname.lastname@example.org; @MauroOrru94
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