Credit Suisse. Entrepreneurial from the start.
It all began with Swiss railroads in 1856. When the country needed to finance the expansion of its rail network, the forerunner to Credit Suisse was founded. We have since turned into an integrated bank operating in more than 50 countries around the world.
Credit Suisse's story stretches back to July 5, 1856, when the prominent politician, business leader, and pioneer Alfred Escher founded "Schweizerische Kreditanstalt." The original purpose of the new bank known as SKA was to finance the expansion of the railroad network as well as the further industrialization of Switzerland. Fourteen years later, the bank's first foreign representative office opened up in New York. In 1905, the bank's first branch outside Zurich opened in Basel following the acquisition of Oberrheinische Bank.
What started off as a Swiss investment bank turned into a success story spanning over the next century and a half, with Credit Suisse gradually evolving into a leading global provider of financial services.
This development has been achieved through strong organic growth, supplemented by a series of significant mergers and acquisitions such as that of the US investment bank CS First Boston in 1990, the Swiss private bank Bank Leu in 1990, Switzerland's fourth largest bank – Volksbank – in 1993, the Brazilian wealth manager Hedging-Griffo in 2007, and Morgan Stanley's wealth management businesses in Europe, Middle East, and Africa in 2013 to cite a few of the more recent deals.
This has involved the amalgamation of very different cultures, philosophies, and spheres of specialist knowledge, which has resulted in the creation of a strong integrated bank. As of 2006, the bank began operating as a globally active integrated universal bank providing comprehensive solutions to our clients in private banking, investment banking, and asset management.
Our story in pictures
2015 – Strategic realignment
Strategic realignment with three wealth management-focused divisions (Swiss Universal Bank, International Wealth Management, Asia Pacific) supported by two investment banking divisions (Global Markets, Investment Banking and Capital Markets) allows for more divisional autonomy going forward.
1856 – Foundation
Founded by Alfred Escher, Schweizerische Kreditanstalt (SKA), the predecessor of today's Credit Suisse, opens for business on July 16, 1856. Alfred Escher heads the SKA as the first Chairman of the Board of Directors from 1856-1877 and from 1880-1882.
1870 – First representative office
The first SKA foreign representative office is established in New York.
1876 – Paradeplatz
On September 25, 1876, after a construction period of three years, SKA moves into the new building on Paradeplatz, which was designed by the famous architect Jakob Friedrich Wanner.
1890 – Leading position
From the end of the 19 century, SKA plays a leading role in the Swiss underwriting and syndication business. It was able more often than its rivals to take on the prestigious role of lead manager in underwriting syndicates.
1897 – Pension funds
In 1897, the Board of Directors of SKA establishes a pension fund, which provides its employees with benefits after their retirement. In 1919, SKA creates a pension fund in the form of a cooperative.
1905 – First branch
SKA takes over the office of Oberrheinische Bank in Basel in 1905, resulting in the opening of the first SKA branch outside Zurich.
1910 – Paris
SKA opens a representative office in Paris for its international safekeeping account clients.
1932 – First Boston
First Boston is founded as a subsidiary of The First National Bank of Boston. In 1934, First Boston becomes the first publicly held investment bank in the US.
1939 – Swissam
In July 1939, SKA creates the subsidiary Swiss American Corporation (New York), which focuses on the underwriting and investment business, as well as investment consultancy.
1940 – New York
SKA opens the New York Agency on May 9, 1940.
1962 – White Weld
In 1962, SKA takes over White, Weld and Co. AG, Zurich, from the US investment bank White Weld, New York. The acquisition is re-named Clariden Finanz AG.
1964 – Full-service bank
SKA is granted a license as a full-service bank for its New York branch, allowing it to accept deposits and carry out all other types of banking in the US.
1976 – Bodenkredit-Anstalt
The merger with Schweizerische Bodenkredit-Anstalt marks the first major step toward growth in mass business and represents a substantial expansion of the sales network and client base.
1977 – The Chiasso affair
The Chiasso affair results in the biggest loss SKA has suffered in its entire history. The crisis prompts the bank to strike out for new shores and transform itself from a traditional Zurich institution into an international financial services provider.
1982 – SASI
Swiss American Securities Inc. (SASI), a subsidiary of SKA which was founded in the 1970s, is admitted as a member of the New York Stock Exchange in November 1982.
Thus SKA becomes the first Swiss bank to own a subsidiary with a seat on the New York Stock Exchange.
1988 – Stake acquired in CSFB
First Boston becomes CS First Boston with a takeover of 44.5% of CS First Boston by CS Holding. 1990 sees the acquisition of a majority holding in CS First Boston.
1989 – CS Holding
CS Holding, set up in 1982 as a sister company of SKA, becomes the parent company of SKA Group.
1990 – Bank Leu
Acquisition of Bank Leu.
1993 – Volksbank
Acquisition of Swiss Volksbank.
1994 – Swiss Re
Launch of strategic alliance with Swiss Re.
1994 – NAB
Acquisition of Neue Aargauer Bank (NAB).
1996 – Winterthur
Launch of strategic alliance with Winterthur Group. 1997 sees the merger of Credit Suisse Group with Winterthur.
1997 – Credit Suisse Group
CS Holding becomes Credit Suisse Group, and begins operational activities on January 1, 1997.
2002 – New organizational structure
Group organizational structure is streamlined to create two business units: Credit Suisse Financial Services and Credit Suisse First Boston.
2004 – Three business units
Group organizational structure is realigned to form three business units: Credit Suisse, Credit Suisse First Boston, and Winterthur.
2005 – One Bank
Credit Suisse implements its One Bank strategy by merging its Swiss bank legal entities, Credit Suisse and Credit Suisse First Boston.
2006 – New integrated bank
Credit Suisse celebrates its 150 anniversary. At the same time, it divests Winterthur insurance company to AXA and commences activities as an integrated global bank. In keeping with its new status it launches a new logo.
2007 – Hedging-Griffo
Credit Suisse acquires a majority interest in Hedging-Griffo, a leading Brazilian wealth manager.
2007 – Clariden Leu
Merger of the four independent Credit Suisse private banks, Clariden Bank, Bank Leu, Bank Hofmann, and Banca di Gestione Patrimoniale, and the securities trading company Credit Suisse Fides to form Clariden Leu.
2007-2008 – Financial crisis
The most severe global financial crisis in recent times hits the bank, although a government bailout is not required.
2010 – Regulatory requirements
A committee of experts appointed by the Swiss Federal Council issues a report on how to address the "Too Big to Fail" issues relating to big banks, paving the way for tougher capital and liquidity requirements.
2012 – Integration / merger
Credit Suisse fully integrates its subsidiary Clariden Leu, while the Private Banking and Asset Management divisions are merged into a new, single Private Banking & Wealth Management division.
2014 – Settlement
Credit Suisse reaches a final settlement with the US authorities regarding all outstanding US crossborder matters.
2015 – Strategic realignment
Strategic realignment with three wealth management-focused divisions (Swiss Universal Bank, International Wealth Management, Asia Pacific) supported by two investment banking divisions (Global Markets, Investment Banking and Capital Markets) allows for more divisional autonomy going forward.
1856 – Foundation
Founded by Alfred Escher, Schweizerische Kreditanstalt (SKA), the predecessor of today's Credit Suisse, opens for business on July 16, 1856. Alfred Escher heads the SKA as the first Chairman of the Board of Directors from 1856-1877 and from 1880-1882.
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Driving innovation
If there is one constant in the story of Credit Suisse, it is a track record of continual innovation. In true pioneering style, we have shaped many of the countless innovations to hit the financial markets over the past one and a half centuries, and have quickly adapted others for our own use. For example, we were the first large Swiss bank to establish a direct telex connection with New York in 1951. We continued our pioneering role in the Swiss market by opening the first drive-in bank (1962), and launching both the first telephone banking service (1993), and the first internet banking platform (1997).
But our company's history has been shaped by much more than just technological innovations. In the areas of product management, training and development, marketing, and social commitment, Credit Suisse can look back on a long tradition of leading the way for others to follow. As different as the innovations were, they ultimately served a similar aim. In nearly all cases, this was to meet the needs of clients in an even more rapid, professional, and comprehensive way. And it is already clear today that this driving force will also fuel many a future innovation at Credit Suisse.
Our innovations through the years
2015 – Digital private banking
Credit Suisse rolls out digital private banking capabilities in different locations around the globe, thus empowering clients and relationship managers with mobile technology.
1880 – Introduction of the telephone
Telephones are introduced at SKA.
1882 – The Gotthard Tunnel
SKA plays a key role in the financing of this project of the century. The construction of the 15-kilometer-long tunnel was completed in less than 10 years – the longest tunnel in the world at the time.
1890 – Bureau de change
The first SKA bureau de change opens with the aim of helping the urban population, and especially small businesspeople, to make use of the facilities as much as possible.
1895 – Effekten-Kursblatt
The bank launches the "Effekten-Kursblatt der Schweizerischen Kreditanstalt in Zürich" (Effekten-Kursblatt means "list of stock prices"), a pioneering supplement to its annual report. The list is described as the world's first regular publication by a bank.
1904 – Calculating machine
The calculating machine is introduced at SKA.
1906 – Information office
SKA sets up an information office. In 1911 an "advertisements office" is opened, which is renamed the "propaganda office" during the interwar years. The bank maintains a very cautious attitude towards advertising for more than 100 years.
1920 – Bookkeeping machine
The bookkeeping machine is introduced at SKA.
1927 – Sports and leisure facility
The SKA Zurich-Fluntern sports and leisure facility is inaugurated (the picture shows the facility after its renovation and expansion in 1972).
1935 – Telex machine
The telex machine is introduced at SKA.
1944 – "Bulletin" magazine
Fifty years after SKA launched the "Effekten-Kursblatt," the magazine is renamed "Bulletin" – a name that remains until this day for the client and stakeholder magazine.
1948 – Punch card machine
SKA enters the data processing age in 1948 with the introduction of the first punch card machine – the first step taken by the bank on the road to office automation.
1951 – Teleprinter link to New York
SKA becomes the first major Swiss bank to operate a direct teleprinter link to New York.
1957 – Pneumatic post
Pneumatic post is introduced at SKA.
1960 – Investment funds
At the end of the 1960s, investment funds are introduced in Switzerland for the first time. From the outset, SKA is a leading provider. In the 1980s and 1990s, the bank builds up its funds business systematically and successfully.
1962 – Autobank
SKA opens Switzerland's first Autobank (drive-in bank). This is the biggest and most modern facility of its kind in Europe at the time. The drive-in bank is opened on the ground floor of the Bärenhof building at St.‑Peterstrasse 17 in Zurich, a few steps away from Paradeplatz.
1967 – Computer
As early as 1962, the first generation of computers is installed at SKA, in the form of the Bull Gamma 30 data processing apparatus, capable of processing 60,000 bookings per hour (picture). The second generation, in the form of the IBM/360-40, follows in 1967.
1968 – Bancomat
In a joint venture by SKA, Swiss Volksbank, Bank Leu and Swiss Bank Corporation, Bancomat ATMs are introduced. The first cash dispensers are installed in Zurich, Basel, Bern, St. Gallen, Geneva and Lausanne.
1970 – Automation systems
With the aim of linking front and back office departments in the 1970s and 1980s, SKA installs various automation systems for payments and foreign exchange processing. Notable innovations for this period include electronic tools such as Credimat, Contact Bank and Videotex.
1976 – SKA ski hat
In the summer of 1976, the advertising department takes up an idea proposed by an employee in La Chaux-de-Fonds and designs a ski hat in the new SKA colors. After some initial hesitancy, the executive board gives the go-ahead for the distribution of the hat. By the time this marketing legend is officially brought to a close in 1993, over 800,000 ski hats have been distributed.
1977 – Teaching computers
SKA acquires 100 teaching computers in 1977. In the years that follow, these systems are further developed to form the bank’s PC-aided teaching (PAT) program.
1978 – Sport sponsorship
SKA becomes the main sponsor of the Tour de Suisse, Switzerland's biggest sporting event. This marks the bank's early entry into the world of sports sponsorship. The partnership between SKA and Tour de Suisse lasts 22 years.
1980 – Uetlihof
The Uetlihof, SKA's largest office building in the world, is built on a former clay pit owned by the Zürcher Ziegeleien tile company and becomes operational in 1980. This building aspires to achieve the greatest possible harmony between nature and architecture. In 1993, SKA receives the "Grünpreis der Stadt Zürich" for the Uetlihof.
1986 – Initiative to support women
"Taten statt Worte" (deeds, not words) is the name of an initiative launched in 1986 by a number of Swiss companies, dedicated to furthering the position of women in the workplace.
1987 – Swiss Banking School
From 1987, the Swiss Banking School provides another excellent platform for international networking. SKA plays a vital role in the establishment of the school, which offers professional training for managers from banks and other financial institutions in Switzerland and abroad.
1988 – Uetlihof daycare
After two years of preparation, the Uetlihof daycare center is opened.
1993 – CS Firstphone
In May 1993, SKA opens the first telephone bank in Switzerland, called CS Firstphone. Firstphone offers 24-hour service, 365 days a year, and allows clients to get account information or carry out transactions over the telephone.
1994 – Communication Center
The Credit Suisse Communication Center "Bocken" opens. The Center aims to provide an open forum for the exchange of ideas and interaction in small groups.
1995 – First website
SKA is the first major Swiss bank to have a website. Shortly thereafter, interactive features are added.
1997 – Internet banking
Direct Net, the bank's internet banking platform is launched. Credit Suisse is the first Swiss bank to offer this kind of service with lasting success.
1998 – Fund Lab
With its internet site Fund Lab, Credit Suisse sets up a platform for investment funds where it offers fund products from its competitors as well as its own funds, so that clients can select the optimum funds to suit their needs.
1999 – Youtrade
Credit Suisse becomes the first Swiss bank to offer a discount brokerage service on the internet or by telephone, in the form of "youtrade."
2002 – emagazine
June 2002 sees the launch of emagazine, the first internet magazine for a European bank, with up-to-the-minute weekly stories on business, society, culture, and sports. The magazine is relaunched in 2007 with the new name "In Focus."
2015 – Digital private banking
Credit Suisse rolls out digital private banking capabilities in different locations around the globe, thus empowering clients and relationship managers with mobile technology.
1880 – Introduction of the telephone
Telephones are introduced at SKA.
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