Credit Suisse Group

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Credit Suisse Group (CSG) is Switzerland's second largest financial services company, behind the much larger UBS. CSG has offices in some 50 countries. The former Credit Suisse First Boston (CSFB) is now the investment banking division of CSG providing debt and equity underwriting, mergers & acquisitions, and other securities services. CSG asset management provides investment for private, government, and institutional clients. CSG has retail banking in Switzerland with about 215 branches. [1]

History

  • 1856 Credit Suisse founded
  • 1905 First branch (in Basel)
  • 1940 First branch outside Switzerland (in New York)
  • 1978 Start of co-operation with The First Boston Corporation
  • 1988 Controlling stake in The First Boston Corporation
  • 1989 CS Holding became parent company of the Group
  • 1990 Acquisition of Bank Leu
  • 1993 Acquisition of Swiss Volksbank
  • 1994 Strategic alliance with Swiss Re
  • 1995 Strategic alliance with Winterthur Group
  • 1996 CS Holding becomes Credit Suisse Group
  • 1997 Merger with Winterthur Group
  • 2000 Acquisition of Donaldson, Lufkin & Jenrette (DLJ)
  • Jan. 2002 Streamlining of the Group's organizational structure into two business units: Credit Suisse Financial Services and Credit Suisse First Boston

Coal investments

In November 2011, Credit Suisse Group was listed as the number nine top global financier of coal-fired power plants in a report complied by various environmental groups entitled, Bankrolling Climate Change: A Look into the Portfolios of the World's Largest Banks. The report noted that Credit Suisse Group spent $5,833 million euros on coal plants around the world since 2005.[2]

Credit Suisse is a major financier of new coal plant construction. New coal-fired power plants being funded by the company include:

Credit Suisse Private Equity

Credit Suisse Private Equity (CSPE), the global private equity arm of Credit Suisse, is one of the largest managers of alternative assets in the world, with $29 billion of assets under management. Credit Suisse Private Equity is comprised of investment funds that focus on domestic and international leveraged buyouts and other private equity investments, including mezzanine, real estate, venture capital, fund of funds and secondary funds. CSPE includes the family of DLJ Merchant Banking funds and the Sprout funds. CSPE maintains offices in New York, London, Buenos Aires, Hong Kong, Tokyo, Sao Paulo, Chicago, Los Angeles, Menlo Park, and San Francisco. [3]

Loan to Own Controversy

Credit Suisse Group AG is being sued by Empower America board member and real estate developer Tim Blixseth and his son Beau. The Blixseth's, in two separate suits, are seeking $24 billion[4] and $2 billion[5] in damages claiming Credit Suisse engaged in a predatory lending practice known as "loan to own" at four luxury resorts. In each case the high-end real estate developments were driven into bankruptcy associated with Credit Suisse loan schemes with resort developers. During the bankruptcy trial of one Credit Suisse financed development, a Montana Judge characterized the Credit Suisse loan deal with the project developer as "naked greed" which was so overreaching as to "shock the conscious" of the court.[6] Credit Suisse asserts the lawsuits are "meritless" claims by Blixseth, whom they suggest is seeking to deflect attention from lawsuits linked to his own resort bankruptcy and loan deal with the bank.[7]

Political contributions

Patrick J. Durkin, then Managing Director of Credit Suisse First Boston Corp., was a Bush Ranger having raised at least $200,000 for Bush in the 2004 presidential election. [8]

Credit Suisse Securities gave $507,970 to federal candidates in the 2006 election through its political action committee - 48% to Democrats and 51% to Republicans. [9]

Lobbying

The company spent $1,720,000 for lobbying in 2006. In-house lobbyists and four outside lobbying firms were used. The lobbying firms included Federalist Group and Mayer, Brown et al. [10]

Personnel

Selected executives: [11]

Selected board members: [12]

Selected advisory board members: [13]

  • Flavio Cotti, Chairman, Former Federal Councilor, Brione sopra Minusio, Switzerland
  • Franz Albers, Partner Albers & Co., Zurich, Switzerland
  • Susy Brüschweiler, Chief Executive Officer of SV Group, Dübendorf, Switzerland

=Others

Contact details

Headquarters:
Paradeplatz 8
8070 Zurich
Switzerland
Phone: +41-44-212-16-16
Fax: +41-44-333-25-87
Web: http://www.credit-suisse.com

U.S. Office:
Eleven Madison Avenue
New York, NY 10010-3629
US
Phone +1 212 325 2000
Fax +1 212 325 6665

References

  1. Credit Suisse Group Profile, Hoovers, accessed August 2007.
  2. Bankrolling Climate Change: A Look into the Portfolios of the World’s Largest Banks Earthlife Africa Johannesburg and BankTrack, 2011.
  3. Private Equity Overview, Credit Suisse, accessed September 2007.
  4. Luxury-Property Owners Sue Credit Suisse for $24 Billion, Wall Street Journal, January 5, 2010.
  5. Cushman & Wakefield, Credit Suisse Sued by Tim Blixseth, Bloomberg, February 19, 2012.
  6. Citing 'naked greed' judge eviscerates Credit Suisse, NewWest, May 12, 2009.
  7. Court hearing Thursday on Credit Suisse loans, Associated Press, January 13, 2012.
  8. Pioneers and Rangers, Texans for Public Justice, accessed August 2007.
  9. 2006 PAC Summary Data, Open Secrets, accessed August 2007.
  10. Credit Suisse Group lobbying expenses, Open Secrets.
  11. Executive Board, Credit Suisse Group, accessed August 2007.
  12. Board of Directors, Credit Suisse Group, accessed August 2007.
  13. Advisory Board, Credit Suisse Group, accessed August 2007.

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