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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
Dated December 20, 2002
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 20, 2002
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Commission File Number 001-15244
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CREDIT SUISSE GROUP
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(Translation of registrant's name into English)
Paradeplatz 8, P.O. Box 1, CH-8070 Zurich, Switzerland
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F
Form 20-F /X/ Form 40-F / /
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Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1):
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Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to
security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7):
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Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws
of the jurisdiction in which the registrant is incorporated, domiciled or
legally organized (the registrant's "home country"), or under the rules of
the home country exchange on which the registrant's securities are traded, as
long as the report or other document is not a press release, is not required
to be and has not been distributed to the registrant's security holders, and,
if discussing a material event, has already been the subject of a Form 6-K
submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes / / No /X/
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If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
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[CREDIT SUISSE LOGO]
Media Relations
CREDIT SUISSE GROUP
P.O. Box 1
CH-8070 Zurich
Telephone +41-1-333 8844
Fax +41-1-333 8877
e-mail media.relations @ csg.ch
CREDIT SUISSE GROUP TO CONSOLIDATE ITS SWISS
SECURITIES AND TREASURY INFRASTRUCTURE WITHIN
CREDIT SUISSE FINANCIAL SERVICES
ZURICH, DECEMBER 19, 2002 - CREDIT SUISSE GROUP TODAY ANNOUNCED THAT CREDIT
SUISSE FIRST BOSTON'S ZURICH-BASED SECURITIES AND TREASURY EXECUTION
PLATFORM - INCLUDING THE RESPECTIVE MID- AND BACK-OFFICES AND IT
FUNCTIONS - WILL BE FULLY INTEGRATED INTO CREDIT SUISSE FINANCIAL SERVICES
BY JUNE 30, 2003. WITH THIS REALIGNMENT, THE GROUP EXPECTS TO ACHIEVE
SIGNIFICANT EFFICIENCY GAINS, WHILE AT THE SAME TIME MAINTAINING ITS HIGH
STANDARD OF SERVICE FOR ITS SWISS CLIENTS.
In the future, Credit Suisse Financial Services (CSFS) will execute securities
and treasury transactions for its private banking, retail and corporate
clients on the Swiss platform under its own name. In the Swiss franc market,
Credit Suisse will be the Group's sole funding name (incl. Swiss Interbank
Clearing) and will represent Credit Suisse First Boston's (CSFB) Swiss franc
fixed income and primary market businesses. CSFB will, in the future, use its
London execution platform to deliver securities and treasury products to its
Swiss institutional, corporate and government clients. CSFB's investment
banking and Swiss institutional coverage businesses in Switzerland will be
maintained and are not affected by these changes.
The realignment is expected to result in cost synergies for the Group of
approximately CHF 140 million p.a. and in a reduction of approximately
300 jobs overall by the end of 2003. It is planned that the integration
process will be finalized by the end of the first half of 2003.
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Oswald J. Gruebel, Chief Executive Officer of CSFS and Group Co-CEO
effective January 1, 2003, said: ''We are convinced that with this
move, we can make even better use of our skills and infrastructure in
Switzerland, while continuing to create value for our clients throughout
the Group. We will continue to cooperate closely with CSFB as our preferred
provider of securities and treasury products.''
ENQUIRIES
Credit Suisse Group, Media Relations Telephone + 41 1 333 8844
Credit Suisse Group, Investor Relations Telephone + 41 1 333 4570
CREDIT SUISSE GROUP
Credit Suisse Group is a leading global financial services company headquartered
in Zurich. The business unit Credit Suisse Financial Services provides private
clients and small and medium-sized companies with private banking and financial
advisory services, banking products, and pension and insurance solutions from
Winterthur. The business unit Credit Suisse First Boston, an investment bank,
serves global institutional, corporate, government and individual clients in
its role as a financial intermediary. Credit Suisse Group's registered shares
(CSGN) are listed in Switzerland and Frankfurt, and in the form of American
Depositary Shares (CSR) in New York. The Group employs around 80,000 staff
worldwide. As of September 30, 2002, it reported assets under management of
CHF 1,221.8 billion.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking
statements. In addition, in the future we, and others on our behalf, may make
statements that constitute forward-looking statements. Such forward-looking
statements may include, without limitation, statements relating to our plans,
objectives or goals; our future economic performance or prospects; the potential
effect on our future performance of certain contingencies; and assumptions
underlying any such statements. Words such as ''believes,'' ''anticipates,''
''expects,'' intends'' and ''plans'' and similar expressions are intended
to identify forward-looking statements but are not the exclusive means of
identifying such statements. We do not intend to update these forward-looking
statements except as may be required by applicable laws. By their very nature,
forward-looking statements involve inherent risks and uncertainties, both
general and specific, and risks exist that predictions, forecasts, projections
and other outcomes described or implied in forward-looking statements will not
be achieved. We caution you that a number of important factors could cause
results to differ materially from the plans, objectives, expectations, estimates
and intentions expressed in such forward-looking statements. These factors
include (i) market and interest rate fluctuations; (ii) the strength of the
global economy in general and the strength of the economies of the countries
in which we conduct our operations in particular; (iii) the ability of
counterparties to meet their obligations to us; (iv) the effects of, and
changes in, fiscal, monetary, trade and tax policies, and currency fluctuations;
(v) political and social developments, including war, civil unrest or terrorist
activity; (vi) the possibility of foreign exchange controls, expropriation,
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nationalization or confiscation of assets in countries in which we conduct
our operations; (vii) the ability to maintain sufficient liquidity and
access capital markets; (viii) operational factors such as systems failure,
human error, or the failure to properly implement procedures; (ix) actions
taken by regulators with respect to our business and practices in one or
more of the countries in which we conduct our operations; (x) the effects
of changes in laws, regulations or accounting policies or practices;
(xi) competition in geographic and business areas in which we conduct our
operations; (xii) the ability to retain and recruit qualified personnel;
(xiii) the ability to maintain our reputation and promote our brands;
(xiv) the ability to increase market share and control expenses;
(xv) technological changes; (xvi) the timely development and acceptance of
our new products and services and the perceived overall value of these products
and services by users; (xvii) acquisitions, including the ability to
integrate successfully acquired businesses; and (xviii) our success at
managing the risks involved in the foregoing. We caution you that the foregoing
list of important factors is not exclusive; when evaluating forward-looking
statements, you should carefully consider the foregoing factors and other
uncertainties and events, as well as the risks identified in our most recently
filed Form 20-F and reports on Form 6-K furnished to the US Securities
and Exchange Commission.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CREDIT SUISSE GROUP
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(Registrant)
Date December 20, 2002 By: /s/ David Frick
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(Signature)*
Managing Director
*Print the name and title of the signing
officer under his signature. /s/ Karin Rhomberg Hug
Managing Director
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