Credit Suisse has unveiled an ambitious growth strategy as part of its integrated global banking drive. The Zurich-based bank said it has ta...

Credit Suisse has unveiled an ambitious growth strategy as part of its integrated global banking drive. The Zurich-based bank said it has targeted additional net income of around SFr1 billion ($764 million) by 2008. The bank said in a statement released today: “In 2008, Credit Suisse expects to generate total pre-tax synergy benefits of SFr1.3 billion, including pre-tax cost savings of SFr 600 million and, subject to market conditions, gross revenue synergies of SFr1.2 billion, offset by additional revenue-related pre-tax costs of SFr520 million. This would result in a positive net income benefit of around SFr1 billion.” Credit Suisse said it would adopt the brand name Credit Suisse, and drop the name Credit Suisse First Boston. A new logo will be introduced at the beginning of January 2006. Oswald Grübel, CEO of Credit Suisse Group, stated: "In investment banking, private banking and asset management, Credit Suisse has a tradition of creating innovative solutions for clients.” He added: “Building an integrated bank and pooling expertise ensures that we will continue this tradition. Credit Suisse is committed to maintaining a reputation for thought leadership throughout the industry and to defining the marketplace of the future. This is the foundation from which Credit Suisse will grow in a rapidly changing environment."