Credit Suisse steps up investment in Internet

Switzerland's second biggest banking group, Credit Suisse, is to invest SFr500 million in the Internet over the next two years.

CS Group chairman Lukas Mühlemann told the Swiss economics magazine Bilan, that he was not talking about an Internet strategy ‘per se’.

“However, it is an invaluable tool which we have integrated into all our areas of business. It allows us to reduce the costs of transactions on the market, and to better communicate and establish new business relationships,” he added.

The Internet is already used for 40 per cent of stock market transactions done by Credit Suisse’s private banking clients.

“It’s more sensible to talk about the SFr4 billion which we invest every year in developing our information technology, of which the Internet constitutes a very necessary part,” said Lukas Mühlemann.

swissinfo and agencies