Schweizerische Kreditanstalt

Schweizerische Kreditanstalt

 

(also Crédit Suisse), a Swiss commercial bank established in 1856.

The Schweizerische Kreditanstalt engages in a variety of banking operations and, through specialized subsidiaries, carries out financial transactions involving mortgages and the buying and selling of securities; the bank also acts as a middleman for the leasing of equipment. The bank’s headquarters are in Zürich. In 1977 the Schweizerische Kreditanstalt had 118 branches and 13 subsidiaries in Switzerland and six branches, 20 offices, and six subsidiaries in foreign countries. It had an interest in several financial concerns and banks in Switzerland and abroad.

As of June 1977 the bank had total assets of 43.0 billion Swiss francs; current accounts and deposits of other banks totaled 12.3 billion francs, and those of other clients, 15.4 billion francs. The bank had capital and reserves of 2.7 billion francs, loans and discounted bills of 19.9 billion francs, mortgages of 3.0 billion francs, and accounts in other banks totaling 12.3 billion francs.

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The company is organized as a stock corporation with four divisions: Investment Banking, Private Banking, Asset Management, and a Shared Services Group that provides marketing and support to the other three divisions.Credit Suisse was founded in 1856 as Schweizerische Kreditanstalt jointly by Alfred Escher and the German bank Allgemeine Deutsche Credit-Anstalt which held 50% of the equity.
Prior to that, Ackermann was president of Schweizerische Kreditanstalt (SKA), today's Credit Suisse and has held numerous board positions.
Ackermann, Chairman of Zurich Insurance Group, Switzerland and Former Chairman of Deutsche Bank Group, started his career at Schweizerische Kreditanstalt (SKA) in 1977.

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