Swiss bank Credit Suisse has chalked out a restructuring plan, under which it aims to separate its domestic operations from its risky investment banking business.
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The move by the bank is part of its effort to insulate Swiss taxpayers from costly bank bailouts.
The group currently has a global branch network that mainly caters for its private banking business, and three main subsidiaries including two in London and one in the US that are primarily for investment banking activities.
As part of restructure plan, the bank aims to open a subsidiary in Switzerland in mid-2015 that will offer private banking, retail, corporate and institutional business, and will combine its two London subsidiaries and transfer its US derivatives business to its US subsidiary.
Credit Suisse said its board had backed the outline of the plan but it still must be analysed and approved by regulator FINMA, which can grant a rebate from the capital rules.
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By GlobalDataThe lender plans to join UBS, which announced in October 2013, to set up a new Swiss subsidiary by mid-2015 for its Swiss retail, small business banking and for some private bank activities during crisis.
