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Credit Suisse starts Wall Street listing

Shares in Credit Suisse start trading on Wall Street on Tuesday

(swissinfo.ch)

Shares in the Credit Suisse Group, which includes Switzerland's second largest bank, began trading on the New York Stock Exchange on Tuesday. The shares were listed in the form of American Depositary Shares (ADS) with a starting value of SFr3 ($1.88) each.

Credit Suisse's decision to go ahead with its US listing gives it a slight edge on its German rival, Deutsche Bank, which plans a New York listing next month.

No ceremony is to be held to mark the event out of respect for the victims of the September 11 attacks in New York and Washington. The group's investment arm, Credit Suisse First Boston, lost one employee.

"Over the past two weeks, everyone in the Wall Street community has demonstrated a strong resolve to carry on and rebuild," said Credit Suisse Group's chairman and CEO Lukas Mühlemann, "We are moving forward with the listing of our shares on the Exchange in the spirit of that determination."

The Credit Suisse Group acquired the Wall Street brokerage, Donaldson, Lufkin and Jenrette last year. Analysts say the New York listing will strengthen the group's position in the US capital market and enhance visibility there.

Its shares closed at SFr.50.10, down around 35 per cent over the year. The European bank share index has fallen around 28 per cent over the same period.

swissinfo with agencies

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