Credit Suisse's Swiss unit kicks off operations ahead of IPO

Zurich

CREDIT Suisse Group AG's Swiss unit began life as a legally independent company, enabling the bank to pursue plans to sell part of the business in a public offering next year.

In carving out a separate entity, Credit Suisse also fulfils a regulatory requirement to make banks easier to break up in a crisis, the bank said in a statement on Monday. Credit Suisse (Schweiz) AG has its own licence, allowing the local business to keep functioning if its parent has to file for bankruptcy. Swiss rival UBS Group AG has also created a domestic subsidiary in recent years.