Credit Suisse has renamed its Jersey and Guernsey business, effective immediately.

Credit Suisse (Guernsey) Limited has become Credit Suisse (Channel Islands) Limited, while Credit Suisse (Guernsey) Limited, Jersey Branch has become Credit Suisse (Channel Islands) Limited, Jersey Branch.

"Over the past five years our focus has been on the wealth management services that we offer both to Channel Island residents and through our network of local intermediaries. Our business in Guernsey and Jersey continues to develop and we wanted to reflect this pan-island interest in our name," said Roy McGregor, chief executive of Credit Suisse in the Channel Islands.

The firm has also launched a new website in the Channel Islands to coincide with the name change.

Last month, Credit Suisse said that its private banking and wealth management arm logged net revenues of SFr3.303 billion ($3.49 billion) in the first quarter of 2013, a 5 per cent year-on-year fall, while pre-tax income stood at SFr881 million.

The drop in net revenues was primarily driven by the partial sale of an investment in Aberdeen Asset Management last year, and lower net interest income, partially offset by slightly higher recurring commissions and fees.