Credit Suisse moves towards Swiss bank spin-off

Going for IPO: The logo of Swiss bank Credit Suisse is seen at its headquarters at the Paradeplatz in Zurich. – Reuters

ZURICH: Credit Suisse has moved more than one million customers into a new Swiss bank which went live on Sunday, a step towards what could be Switzerland’s biggest stock market listing in more than a decade.

The creation of the new subsidiary that caters for Swiss retail, corporate, private and investment banking clients, is part of a broader shake-up of Credit Suisse under chief executive Tidjane Thiam to focus more on wealth management and less on volatile investment banking.