How Credit Suisse evolved until its merger with UBS
ZURICH, May 31 (Reuters) -Following is a timeline outlining the 168-year history of Credit Suisse Group, the Zurich-based bank that was formally absorbed on Friday by Swiss rival UBS UBSG.S after a 3 billion franc takeover last year.
1856
Politician and business leader Alfred Escher founds Schweizerische Kreditanstalt (SKA) to finance the expansion of the railroad network and promote Swiss industrialisation.
1876
The bank moves into new headquarters on Zurich's Paradeplatz; its first branch outside Zurich opens in Basel nearly three decades later.
1934
First Boston becomes the first publicly held investment bank in the United States.
1939
SKA creates Swiss American Corporation (New York) to focus on the underwriting and investment business.
1962
SKA takes over White, Weld and Co AG in Zurich from U.S. investment bank White Weld, and renames it Clariden Finanz AG.
1964
SKA gets a licence as a full-service bank in New York.
1977
Chiasso Affair money-laundering scandal leads to a historic loss and spurs the bank's transition to an international financial group.
1982
SKA becomes the first Swiss bank with a seat on the New York Stock Exchange via its SASI unit; CS Holding is set up as a sister company of SKA to hold stakes in industrial companies.
1988
CS Holding buys a 45% stake in First Boston as part of a rescue deal, and renames it CS First Boston; the two had first linked up a decade earlier to operate in the London bond market.
1989
CS Holding becomes SKA group's parent company.
1990
The group takes a controlling stake in U.S. investment bank CS First Boston and buys Bank Leu, a Swiss private bank.
1993
The group buys Volksbank, Switzerland's fourth-largest bank, and a year later buys Neue Aargauer Bank.
1997
A reorganisation turns CS Holding into Credit Suisse Group and drops the SKA name; it also buys insurer Winterthur, a strategic partner.
1999
The group buys the asset management business of Warburg, Pincus & Co, followed by the purchase of Wall Street firm Donaldson, Lufkin & Jenrette (DLJ) a year later.
2002
A reorganisation creates two units: Credit Suisse Financial Services and Credit Suisse First Boston; two years later it splits into three units by adding Winterthur.
2005
Credit Suisse and CSFB merge and stop using the Credit Suisse First Boston brand name.
2006
The group divests Winterthur to French insurer AXA.
2007
The group merges four private banking units and a securities trading company into Clariden Leu.
2007/2008
The bank survives the global financial crisis without needing a state bailout, unlike rival UBS.
2012
The group absorbs Clariden Leu and merges private banking and asset management into one division.
2013
The group buys Morgan Stanley's wealth management businesses in Europe, the Middle East, and Africa.
2015
The group realigns under CEO Tidjane Thiam into three wealth management units supported by two investment banking divisions.
2020
In February, a scandal over the bank's covert surveillance operations leads to Thiam's departure.
In March, U.S. investment fund Archegos implodes, saddling Credit Suisse with a $5.5 billion loss.
The same month it has to freeze $10 billion in supply chain finance funds linked to insolvent British financier Greensill Capital, which it had marketed to clients as low-risk products.
2021
Antonio Horta-Osorio resigns as chairman less than nine months after joining the bank, after breaching COVID-19 quarantine rules. Alex Lehmann replaces him.
JULY 2022
The bank names restructuring expert Ulrich Koerner as CEO to replace Thomas Gottstein and announces another strategic review.
OCTOBER 2022
Announces a sweeping plan to refocus on banking for the wealthy, including a 4 billion Swiss franc capital raising, a headcount reduction and separating out its investment bank to create CS First Boston.
Saudi National Bank says it will buy shares giving it a stake of as much as 9.9%.
MARCH 2023
Credit Suisse's 2022 annual report identifies "material weaknesses" in internal controls over financial reporting.
The bank's shares drop by as much as 30% after its largest shareholder Saudi National Bank said it could not provide more support because of regulatory constraints.
Credit Suisse secures a $54 billion lifeline from the Swiss central bank to shore up liquidity, and after frantic negotiations UBS agrees to buy the bank for 3 billion Swiss francs in stock and assume up to 5 billion francs in losses, in a deal engineered by Swiss authorities.
JUNE 2023
UBS completes the takeover of Credit Suisse, creating a banking and wealth management giant.
MAY 2024
UBS says Koerner, Credit Suisse's last CEO, will depart the bank later this year.
UBS completes the merger of the parent companies of UBS and Credit Suisse, formally becoming the successor to its old rival.
Reporting by Zurich Newsroom
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إخلاء المسؤولية: تتيح كيانات XM Group خدمة تنفيذية فقط والدخول إلى منصة تداولنا عبر الإنترنت، مما يسمح للشخص بمشاهدة و/أو استخدام المحتوى المتاح على موقع الويب أو عن طريقه، وهذا المحتوى لا يراد به التغيير أو التوسع عن ذلك. يخضع هذا الدخول والاستخدام دائماً لما يلي: (1) الشروط والأحكام؛ (2) تحذيرات المخاطر؛ (3) إخلاء المسؤولية الكامل. لذلك يُقدم هذا المحتوى على أنه ليس أكثر من معلومات عامة. تحديداً، يرجى الانتباه إلى أن المحتوى المتاح على منصة تداولنا عبر الإنترنت ليس طلباً أو عرضاً لدخول أي معاملات في الأسواق المالية. التداول في أي سوق مالي به مخاطرة عالية برأس مالك.
جميع المواد المنشورة على منصة تداولنا مخصصة للأغراض التعليمية/المعلوماتية فقط ولا تحتوي - ولا ينبغي اعتبار أنها تحتوي - على نصائح أو توصيات مالية أو ضريبية أو تجارية، أو سجلاً لأسعار تداولنا، أو عرضاً أو طلباً لأي معاملة في أي صكوك مالية أو عروض ترويجية مالية لا داعي لها.
أي محتوى تابع للغير بالإضافة إلى المحتوى الذي أعدته XM، مثل الآراء، والأخبار، والأبحاث، والتحليلات والأسعار وغيرها من المعلومات أو روابط مواقع تابعة للغير وواردة في هذا الموقع تُقدم لك "كما هي"، كتعليق عام على السوق ولا تعتبر نصيحة استثمارية. يجب ألا يُفسر أي محتوى على أنه بحث استثماري، وأن تلاحظ وتقبل أن المحتوى غير مُعدٍ وفقاً للمتطلبات القانونية المصممة لتعزيز استقلالية البحث الاستثماري، وبالتالي، فهو بمثابة تواصل تسويقي بموجب القوانين واللوائح ذات الصلة. فضلاً تأكد من أنك قد قرأت وفهمت الإخطار بالبحوث الاستثمارية غير المستقلة والتحذير من مخاطر المعلومات السابقة، والذي يمكنك الاطلاع عليه هنا.
