Credit Suisse and Bank Linth agree to work together
Credit Suisse announced on Friday a long-term cooperation agreement with Switzerland's fourth largest regional financial institution, Bank Linth.
Under the terms of the accord, Bank Linth, which is anchored in the St Gallen region, is to leave the Regional Bank Association, which has more than 80 members.
A statement said Credit Suisse would take an initial five per cent stake in Bank Linth, with an option to increase the stake to 33 per cent in the medium term.
In terms of cooperation, Bank Linth will retain its own name, branch network and management.
The statement said the cooperation would lead Swiss retail banking “in a new direction”.
Credit Suisse will focus on making its products and services available to Bank Linth, which in turn would be able to distribute these successfully thanks to its close contact with clients, the statement added.
The venture will allow Bank Linth to remain an independent regional bank, with all decisions regarding credit remaining exclusively at the discretion of Bank Linth.
The banks say their cooperation has no implications in terms of staff figures or the branch network of either partner.
swissinfo with agencies
In compliance with the JTI standards
More: SWI swissinfo.ch certified by the Journalism Trust Initiative
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.