Switzwerland's second-largest bank has shrugged off calls for it to be broken up, saying it is making progress in its strategy to raise performance.

A Swiss investment fund will this week unveil a bid to split Credit Suisse up to unlock value it believes has been disappointing at the second-largest bank in the Alpine state. The bank responded by saying it was “well on track” with its three-year plan to boost performance.

RTR Capital Advisors is due, the Financial Times has reported, to call for a split at the Zurich-listed bank into three elements: an investment bank, a wealth management group, and an asset management business. 

Credit Suisse’s shares have fallen around 28 per cent since the end of 2015, trading around SFr15.91 per share late in the morning today. During the past two years, chief executive Tidjane Thiam has sought to bolster profitability, slimming down part of the business, restructuring into new segments and pushing at markets seen as offering stronger potential, such as Asia-Pacific. The bank is due to report third-quarter results on 2 November. 

“While we welcome the views of all our shareholders, our focus is on the implementation of our strategy and of our three-year plan, which is well on track and which we believe will unlock considerable value for our clients and shareholders,” the bank said in an emailed statement sent out to media. It did not comment directly on RTR Capital Advisors’ position. 

Credit Suisse hasn't been the only European bank to have had problems, raising speculation about potential break-ups. Germany's largest bank, Deutsche, saw its shares hammered last year amid concerns about its capital strength, and has spent billions resolving legacy issues and on restructuring. It is considering splitting off its asset management arm, reports have said. 

Recent years have seen considerable consolidation and shrinkage in the Swiss banking industry, with the total number contracting to 261 as of last year from 330 in 2007 (source: Swiss Bankers Association. Most recently, central bank data shows profits of the whole sector remaining under some pressure amid negative interest rates in the Alpine state. This publication recently interviewed MilleniumAssociates, a M&A and corporate advisory firm, saying that it expects one major private bank organisation is likely to disappear over the next 12 months, although it gave no names.