Credit Suisse to merge Aargau retail banks in 100 mln Sfr savings measure

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Brenna Hughes Neghaiwi Reuters
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Credit: REUTERS/ARND WIEGMANN

Credit Suisse on Tuesday announced further measures in the revamp of its Swiss retail business, saying it intends to generate 100 million Swiss francs ($110 million) in annual savings by merging subsidiary Neue Aargauer Bank with Credit Suisse (Schweiz).

ZURICH, Aug 25 (Reuters) - Credit Suisse CSGN.S on Tuesday announced further measures in the revamp of its Swiss retail business, saying it intends to generate 100 million Swiss francs ($110 million) in annual savings by merging subsidiary Neue Aargauer Bank with Credit Suisse (Schweiz).

The savings, which it expects to generate from 2022 onwards, would form part of a group-wide revamp and 400 million franc savings package unveiled at the end of July, it said.

Savings would be achieved both through headcount reductions as well as lower general expenses related to branch closures and the merging of the two entities, it said.

($1 = 0.9113 Swiss francs)

(Reporting by Brenna Hughes Neghaiwi; editing by Thomas Seythal)

((brenna.neghaiwi@thomsonreuters.com; +41 58 306 77 35;))

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