© Reuters. FILE PHOTO: A man walks near the Credit Suisse bank headquarters in New York City, U.S., March 15, 2023. REUTERS/Eduardo Munoz/File Photo
ZURICH (Reuters) – Following is a timeline outlining the 167-year history of Credit Suisse Group, the Zurich-based bank that is in the middle of a restructuring to rebuild after a string of scandals, losses and management upheavals.
The bank began a make-or-break weekend on Saturday after some competitors grew cautious in their dealings with the bank and as regulators urged it to pursue a deal with Swiss rival UBS.
Politician and business leader Alfred Escher founds Schweizerische Kreditanstalt (SKA) to finance the expansion of the railroad network and promote Swiss industrialisation.
SKA opens first foreign representative office in New York.
The bank moves into new headquarters on Zurich’s Paradeplatz; its first branch outside Zurich opens in Basel nearly three decades later.
First Boston becomes the first publicly held investment bank in the United States.
SKA creates Swiss American Corporation (New York) to focus on the underwriting and investment business.
SKA takes over White, Weld and Co AG in Zurich from U.S. investment bank White Weld, and renames it Clariden Finanz AG.
SKA gets a licence as a full-service bank in New York.
Chiasso Affair money-laundering scandal leads to a historic loss and spurs the bank’s transition to an international financial group.
SKA becomes the first Swiss bank with a seat on the New York Stock Exchange via its SASI unit; CS Holding is set up as a sister company of SKA to hold stakes in industrial companies.
CS Holding buys a 45% stake in First Boston as part of a rescue deal, and renames it CS First Boston; the two had first linked up a decade earlier to operate in the London bond market.
CS Holding becomes SKA group’s parent company.
The group takes a controlling stake in U.S. investment bank CS First Boston and buys Bank Leu, a Swiss private bank.
The group buys Volksbank, Switzerland’s fourth-largest bank, and a year later buys Neue Aargauer Bank.
A reorganisation turns CS Holding into Credit Suisse Group and drops the SKA name; it also buys insurer Winterthur, a strategic partner.
The group buys the asset management business of Warburg, Pincus & Co, followed by the purchase of Wall Street firm Donaldson, Lufkin & Jenrette (DLJ) a year later.
A reorganisation creates two units:…
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