Clariden Leu simplifies management structure and announces key figures for first half-year of 2007
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Zurich (ots)
As of October 1, 2007, Clariden Leu is simplifying its management structure and pooling its expertise in the investment products and services area in a newly-created division, Investment Products & Wealth Management Services. Hans Nützi, up to now CEO of Private Banking at Clariden Leu, will be appointed Deputy CEO of the bank and assumes the management of the new division. In future, the market regions will be reporting to the CEO, F. Bernard Stalder. This simplified organizational structure allows Clariden Leu to continue to successfully implement the defined strategy and to shorten decision-making paths. Clariden Leu reported a net profit of CHF 317 million in the first half of 2007 and managed assets of CHF 133 billion as of June 30, 2007.
Walter Berchtold, Chairman of the Board of Directors of Clariden Leu, commented: "In order to fully exploit the potential of Clariden Leu and to further advance its integration, the Board of Directors has adopted a new management structure for the bank. We have a strong leadership team in F. Bernard Stalder, Hans Nützi and the other members of the Executive Board, which represents continuity and will successfully develop the bank along the defined path."
F. Bernard Stalder, CEO Clariden Leu, adds: "With the new structure, we are integrating our market organization and our investment products and services division on one management level. I am very pleased that Hans Nützi will take over the management of the newly-created division Investment Products & Wealth Management Services. Due to his many years of experience, Hans Nützi is very familiar with the needs of our demanding private banking clients. The new division will create a central platform with an extensive offer of innovative investment products and customized services and solutions, which the relationship managers can make use of. After only six months in operation as a bank, we can also already look back on a satisfying first half-year. A net profit of CHF 317 million and the growth in assets under management show that we are on the right path."
Proven executives in new structures
The four market regions are headed by Adrian V. Nösberger, Private Banking Switzerland & External Asset Managers, Adrian F. Leuenberger, Private Banking Europe, Rémy L. de Bruyn, Private Banking Latin America & Senior Private Bankers, and Roland Knecht, Private Banking Eastern Europe, Middle East & Asia. Investment Products & Wealth Management Services will include the four business areas of Investment Management, Structured Products & Markets, Wealth Management Services and Investment Funds. With this pooling of expertise, the cooperation between the different product areas is strengthened and the innovative ability of Clariden Leu further increased. The continuity in the client relationship management is guaranteed.
The four market region heads will also join the Executive Board of Clariden Leu, which includes alongside the members Hans Nützi, Deputy CEO, Roman Kurmann, CFO, Jean-Pierre Colombara, CRO, Roland Herrmann, COO, Othmar Locher, HR, and Rudolf Hugentobler, Legal & Compliance.
Satisfying result during the first half-year of 2007
The assets under management increased by 7% to CHF 133 billion in the first six months. The inflow of net new assets was CHF 2.7 billion. Without the costs relating to the merger totaling around CHF 30 million, net profit rose by 3% in the first half of 2007; including the merger costs, net profit fell by 6% to CHF 317 million, compared to the pro forma first half of 2006. Net revenues increased by 5% to CHF 857 million; operating expenses increased by 15% to CHF 475 million.
Migration almost complete
The merger of the systems of Clariden Leu will be finished as planned at the end of September 2007 with the migration of the IT platforms of the former Clariden Bank and Credit Suisse Fides onto the uniform IT platform. At the same time, the location consolidation is being carried out in Switzerland and abroad. By the end of the third quarter of 2007, the former 15 locations in Zurich will be consolidated, so that in the future Clariden Leu will have six business locations in Zurich.
Clariden Leu Ltd came into being on January 26, 2007, as a result of the merger of Credit Suisse's four private banks - Clariden, Bank Leu, Bank Hofmann, and BGP Banca di Gestione Patrimoniale - as well as the securities dealer Credit Suisse Fides. It is a leading private bank offering a comprehensive and high-quality range of products and advisory services. With over 20 offices worldwide, Clariden Leu serves wealthy clients with demanding wealth management and product requirements, external asset managers, and wholesale clients. With assets under management of some CHF 133 billion (as at June 30, 2007), Clariden Leu is one of Switzerland's biggest asset managers.
Cautionary Statement Regarding Forward-Looking and Non-GAAP Information
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to the following:
-Our plans, objectives or goals;
-Our future economic performance or prospects;
-The potential effect on our future performance of certain
contingencies; and
-Assumptions underlying any such statements.Words such as "believes," "anticipates," "expects," "intends" and "plans" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable securities laws.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include:
-The ability to maintain sufficient liquidity and access capital
markets;
-Market and interest rate fluctuations;
-The strength of the global economy in general and the strength of
the economies of the countries in which we conduct our
operations in particular;
-The ability of counterparties to meet their obligations to us;
-The effects of, and changes in, fiscal, monetary, trade and tax
policies, and currency fluctuations;
-Political and social developments, including war, civil unrest or
terrorist activity;
-The possibility of foreign exchange controls, expropriation,
nationalization or confiscation of assets in countries in which
we conduct our operations;
-Operational factors such as systems failure, human error, or the
failure to implement procedures properly;
-Actions taken by regulators with respect to our business and
practices in one or more of the countries in which we conduct
our operations;
-The effects of changes in laws, regulations or accounting
policies or practices;
-Competition in geographic and business areas in which we conduct
our operations;
-The ability to retain and recruit qualified personnel;
-The ability to maintain our reputation and promote our brand;
-The ability to increase market share and control expenses;
-Technological changes;
-The timely development and acceptance of our new products and
services and the perceived overall value of these products and
services by users;
-Acquisitions, including the ability to integrate acquired
businesses successfully, and divestitures, including the ability
to sell non-core assets;
-The adverse resolution of litigation and other contingencies; and
-Our success at managing the risks involved in the foregoing.We caution you that the foregoing list of important factors is not exclusive. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, as well as the information set forth in our Form 20-F Item 3 - Key Information - Risk factors.
This press release contains non-GAAP financial information. Information needed to reconcile such non-GAAP financial information to the most directly comparable measures under GAAP can be found in Credit Suisse Group's Financial Review 2Q07 and Credit Suisse Group's Financial Statements 2Q07.
Contact:
Thomas Ackermann, Head Marketing & Communications Clariden Leu
Direct dial no.: +41/58/205'34'44
E-Mail: thomas.ackermann@claridenleu.com
Dagmar Laub, Head Communications Clariden Leu
Direct dial no.: +41/58/205'37'10
E-Mail: dagmar.laub@claridenleu.com