Credit Suisse Australia and Jarden have agreed to end their formal strategic agreement after working together for nearly 30 years.
The move comes after Jarden started establishing a competitor Australian arm in May this year. The companies were reportedly in negotiations about the affiliation agreement in July.
Initially, Jarden had hired Credit Suisse equities trader Chris Tolj. This was followed by Jarden’s appearance on an $140m equity raising for Home Consortium, which is a Credit Suisse client.
While the affiliation agreement has been ended, the companies are set to work out the details of the transition over the coming months.
Credit Suisse Australia CEO Richard Gibb said: “We wish Jarden all the best. We have a long history between us and we look forward to the opportunity to work together in the future.”
Jarden CEO James Lee added: “Credit Suisse has been a great partner for Jarden and we also look forward to continuing to work on transactions and initiatives that can mutually benefit our clients.”
Last month, Credit Suisse revealed plans to combine its investment bank and capital markets units as part of a revamp under new CEO Thomas Gottstein.
Plans are also on to merge Credit Suisse’s risk and compliance units, said a report citing people familiar with the issue.