Credit Suisse mixes profit boost with board restructuring

The Credit Suisse Group has registered a major profit increase of almost SFr 2 billion in the first three months of this year. The group also plans changes to its board, and will say farewell to president, Rainer Gut (pictured).

The Credit Suisse Group has registered a major profit increase of almost SFr 2 billion in the first three months of this year, a 45 per cent rise on the same period in 1999. The group also plans changes to its board, and will say farewell to president, Rainer Gut (pictured).

The group announced on Friday that all its units had upped their turnover, but cautioned that the current favourable conditions may not be sustained for the remainder of the year. Shareholders, who are meeting at the end of May, are likely to get a dividend of SFr 7 per stock held.

At the May 26 meeting, the Credit Suisse president, Rainer Gut, and the vice-president, Peter Spätli, are to retire from the group’s board. Heini Lippuner is expected to give up his post as board administrator.

The board looks set to nominate Lukas Mühleman, currently Chief Executive Officer, to fill one of the three vacant seats. The two remaining vacant posts will stay unfilled, in line with plans to reduce the size of the board.

BZ Group Holding had proposed to nominate Martin Ebner to the board, but Credit Suisse rejected the idea, saying that BZ’s activities in the banking sector paralleled its own.

swissinfo with agencies