Swiss Banking News: October 2009

8.10.2009 Credit Suisse announced the introduction of a UCITS III-compliant EUR-dominated FX Fund which combines six diversified FX strategies and yields attractive risks/returns and low correlations to other asset classes.
The UCITS III FX Factor Fund aims to track the performance of the Credit Suisse FX Factor Index which was launched in April 2009. Through the index, investors gain access to a systematic, rules-based and diversified portfolio of multiple macroeconomic and market-driven foreign exchange strategies. In addition to the Euro, the index uses 18 currencies – nine major currencies and eight currencies of emerging markets.

22.10.2009 Credit Suisse Group reported financial results for the three months and nine months periods of 2009. The net income reported by Credit Suisse in the third quarter made CHF 2,354 million, compared to CHF 1,571 million in the second quarter. Core net revenues in 3Q2009 were CHF 8,917 million, compared to CHF 8,610 million in the second quarter.
The return on equity attributable to shareholders was 25.1%, and diluted earnings per share were CHF 1.81. The tier 1 ratio was 16.4% as of the end of 3Q2009.
By words of the CEO of Credit Suisse, the third-quarter strong fiscal performance of the Group, including the return on equity of 25.1%, showed that the effect of the client-focused approach and capital-efficient strategy in Investment Banking.
The third quarter of the year was successful in Private Banking, with strong asset inflows in all regions. Also, the bank achieved good performances in Investment Banking industry, in the client and flow-based businesses and in repositioned businesses.