Credit Suisse Group AG (Credit Suisse) was once a shining star in the global financial markets, with a vision of "service excellence, innovation leadership" to excel in wealth management, investment banking and asset management. Founded on July 5, 1856 by Alfred Escher in Zurich, Switzerland, initially to support the construction of Swiss railways, after more than 160 years of development, Credit Suisse has become one of the world's systemically important banks, headquartered at Paradeplatz 8, Zurich. On March 19, 2023, Credit Suisse was acquired by UBS Group AG for CHF 3 billion (about $3.2 billion) due to a long-term scandal, customer churn and liquidity crisis, and officially ceased to operate independently on May 31, 2024, and its business was integrated into UBS. On May 31, 2024, UBS AG and Credit Suisse AG merged, UBS AG was the surviving entity, and Credit Suisse AG ceased to exist. As a result of the merger, all assets, liabilities and contracts of Credit Suisse AG have been transferred to UBS AG. Integrate the operational processes of the two entities over time. As a result, there will be a transition period during which there will be two sets of operational infrastructure.
Credit Suisse was a commercial bank, privately owned, founded in 1856 and headquartered in Zurich, Switzerland. Founded by Alfred Escher, the bank opened a Basel branch in 1905 and expanded its investment banking business in 1978 with Credit Suisse First Boston. Credit Suisse is listed on the SIX Swiss Exchange through Credit Suisse Group AG (ticker symbol: CSGN) and its major shareholders include institutional investors such as the Saudi National Bank (approximately 10%), as well as public shareholders. In 2016, Credit Suisse raised CHF 6 billion through a placement of new shares to enhance its capital. Credit Suisse is strictly regulated by the Swiss Financial Market Supervisory Authority (FINMA), the European Central Bank (ECB) and the US Federal Reserve Board and is subject to the Swiss Banking Act and international financial standards. Its deposits are protected by the Swiss Deposit Protection Scheme, with a maximum protection of CHF 100,000 per depositor. Credit Suisse's SWIFT code is CRESCHZZ and the Legal Entity Identifier (LEI) is 5493003NOCSC6LUWUF03. Credit Suisse has offices in more than 50 countries around the world and employed approximately 50,000 people in 2022.
Deposit & Loan Products
Deposits
Credit Suisse has provided a wide range of deposit products to meet the savings and money management needs of individual and institutional clients:
Demand Deposits: This includes checking and savings accounts, such as "Credit Suisse Private Bank Account", with a minimum opening amount of CHF 1,000 and a base annualized rate of return (APY) of approximately 0.01%-0.2%, subject to confirmation of the latest interest rate through a branch or online banking. The account supports flexible access and is suitable for high-net-worth clients.
Fixed Deposits: Support currencies such as CHF, USD, EUR, etc., with deposit terms ranging from 1 month to 5 years, and a minimum deposit of CHF 5,000. In 2023, the interest rate on fixed deposits can reach up to 1.5% (12 months, with a deposit amount of less than CHF 1 million), which can be queried via online banking.
Featured products:
High Yield Savings Accounts: such as the Credit Suisse Preferred Savings Account, which offers an annualized interest rate of up to 1.2% and a balance of CHF 100,000 or more, with no monthly fee.
Large Certificates of Deposit (CD): Support flexible tenor, suitable for large amount of money customers, the interest rate needs to be queried through the branch or app, and the early withdrawal penalty is 90 to 180 days of interest.
Customers can enquire about preferential interest rates through the "Credit Suisse Direct" app (now integrated into the UBS platform) or online banking, and deposit products can be opened and calculated instantly.
Loans
Credit Suisse has offered a comprehensive range of loan products, primarily for high-net-worth clients and corporates
mortgages: Fixed- and variable-rate mortgages with a loan amount of up to 80% of the value of the property and a repayment period of up to 30 years. In 2023, the fixed interest rate is as low as 0.8% (3-year), and the floating rate is based on LIBOR (about 2.5%), offering cash rebates. To apply, you need a credit score of 700 or more and an annual income of 100,000 Swiss francs or more.
Car loans: New and used car financing is supported with a loan amount of up to CHF 1 million, a term of up to 7 years, an annualized interest rate (APR) as low as 1.5%, and a credit score of 660 or more.
Personal Line of Credit: This includes Credit Suisse personal loans (APR as low as 3.5% and maximum CHF 5 million) and asset-based overdrafts (up to 95% of the collateral market value) with a monthly salary of CHF 100,000 or above and a good credit history.
Flexible repayment options: Mortgages and personal loans offer no penalty for prepayment, monthly or bi-weekly payment plans, and a revolving line of credit for flexible debt management.
All loans are subject to bank approval, and customers are required to provide credit history, proof of income and asset information, subject to the terms of the loan agreement. Credit Suisse's investment banking services, such as acquisition financing, provide additional support to corporate clients.
service experience
Credit Suisse's mobile banking app Credit Suisse Direct (now integrated into the UBS platform) was once at the heart of its digital services, available for download on iOS 14.0 and above and Android 9.0 and above, with an App Store rating of around 4.5 and a Google Play rating of around 4.3, with users praising its quick launch (within 2 seconds) and intuitive interface. Core features include:
Face recognition: supports biometric authentication (such as Face ID and Touch ID), combined with strong encryption technology to ensure transaction security.
Real-time transfers: Instant transfers in Swiss francs and euros via SEPA and SWIFT with a daily limit of up to CHF 1 million, and international remittances to more than 100 countries.
Bill management: Support online bill payment, automatic deduction and e-statement, and classify transaction records in real time.
Investment Tool Integration: Support stocks, funds, bonds and derivatives trading through the Credit Suisse Wealth Management platform, providing real-time market data and investment advisory services.
The online banking platform "Credit Suisse Online Banking" supports multiple browsers and provides similar functions, allowing customers to open an account in less than 5 minutes through the app or official website. The app supports accessibility features such as dynamic font adjustment and VoiceOver compatibility for visually impaired and hearing-impaired customers. In 2022, 70% of customers completed transactions through digital platforms, significantly improving the user experience.
Technological innovation
Credit Suisse has actively explored and promoted digital transformation in the field of fintech:
AI customer service: Introducing an AI-driven customer service system to analyze transaction behavior and detect fraud risks in real time, achieving 80% in 2022 Automate customer queries.
Robo-advisors: AI-based investment management services through the Credit Suisse Wealth Management platform, recommending diversified portfolios based on clients' risk appetites, with a minimum investment of CHF 10,000 and no subscription fees.
Open Banking API support: Compliant with the EU Open Banking Standard (PSD2) and integrated with third-party service providers to provide account management and financial services interoperability, especially in the areas of wealth management and cross-border payments.
Other innovations: support for QR code payments, mobile check deposits, and optimized digital platform performance with SiteCatalyst and AppDynamics; Partnered with Intercove in 2022 to explore digital asset management.
Featured Services & Differentiation
Credit Suisse is known for its wealth management and investment banking services:
wealth management: providing customized portfolio, trust and family office services to high-net-worth clients, With CHF 1.6 trillion in assets under management in 2021, it is one of the world's largest private banks.
Investment Banking: M&A advisory, equity and debt underwriting through Credit Suisse First Boston, serving Fortune 500 companies and financial institutions.
Asset Management: Offering a diversified portfolio of fund products, including equities, bonds and alternative investments, with approximately CHF 450 billion in assets under management in 2021.
International presence: With branches in Europe, the Americas, Asia Pacific and the Middle East, the Asia-Pacific region accounts for 13.5% of total revenue, focusing on serving customers in emerging markets.
Market Position & Accolades
Credit Suisse was once the world's leading financial services group, with total assets of approximately CHF 750 billion in 2022, ranking among the world's systemically important banks. The bank dominates wealth management and investment banking, with CHF 1.6 trillion in assets under management in 2021, serving high-net-worth clients and corporations worldwide. However, scandals in recent years (such as the Mozambique bond scandal) and liquidity crises led to a decline in its market position, which was acquired by UBS in 2023. Key accolades include:
Euromoney 2021 "Best Private Bank in the World" award.
Global Finance "Best Investment Bank" 2020.
Asian Private Banker's Best Private Bank Asia Pacific Awards 2019.
Credit Suisse's innovation and customer service have made it a benchmark in global financial markets.
Conclusion
With more than 160 years of history, a global presence and financial excellence, Credit Suisse AG has been a shining star in the Swiss and global financial markets. It offers a wide range of deposit and loan products to meet the needs of high-net-worth clients and corporations. The digital service provides efficient real-time transfer and investment management through the "Credit Suisse Direct" app. Technological innovations, including AI customer service, robo-advisors, and open banking APIs, demonstrate the forward-looking nature of its digital transformation. With its wealth management, investment banking services and multiple industry accolades, Credit Suisse has left a strong mark on the global financial markets, and its legacy continues to impact the industry despite being acquired by UBS in 2023.
Note:
specific interest rates and product details may vary depending on market changes, please check the UBS website or check with the bank directly for the latest information.
