UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2007
Commission File Number 001-15244
CREDIT SUISSE GROUP
(Translation of registrants name into English)
Paradeplatz 8, P.O. Box 1, CH-8070 Zurich, Switzerland
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F |
Form 40-F |
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):
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):
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 registrants home country), or under the rules of the home country exchange on which the registrants 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 registrants 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 the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes |
No |
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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Summary
This report is filed in relation to Credit Suisse Groups wholly-owned subsidiary, Credit Suisse. It contains information about Credit Suisse to be incorporated by reference in Post-Effective Amendment No. 1 to Credit Suisse Groups Registration Statement on Form F-3 (file no. 333-132936).
Unless the context otherwise requires, references herein to the Bank mean Credit Suisse together with its consolidated subsidiaries and references to Credit Suisse Group or the Group mean Credit Suisse Group together with its consolidated subsidiaries, including Credit Suisse.
The Bank, a Swiss bank and joint stock corporation established under Swiss law, is a wholly-owned subsidiary of Credit Suisse Group. The Banks registered head office is in Zurich, and it has additional executive offices and principal branches in London, New York, Hong Kong, Singapore and Tokyo.
References herein to CHF are to Swiss francs.
Forward-Looking Statements
This Form 6-K and the information incorporated by reference in this Form 6-K include statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. In addition, in the future Credit Suisse Group, the Bank and others on their behalf may make statements that constitute forward-looking statements.
When evaluating forward-looking statements, you should carefully consider the cautionary statement regarding forward-looking information, the risk factors and other information set forth in Credit Suisse Groups annual report on Form 20-F for the year ended December 31, 2006 (the Groups 2006 20-F), and subsequent annual reports on Form 20-F filed by Credit Suisse Group or the Bank with the US Securities and Exchange Commission (SEC) and Credit Suisse Groups and the Banks reports on Form 6-K furnished to or filed with the SEC, and other uncertainties and events.
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Key information
Selected financial data
The following tables show the Banks condensed consolidated statements of income for the three months ended March 31, 2007 and 2006 and selected balance sheet information as of March 31, 2007 and December 31, 2006.
Condensed consolidated statements of income
Three months ended March 31, in CHF m |
2007 |
2006 |
Net revenues |
11,094 |
10,375 |
Provision for credit losses |
51 |
(54) |
Total operating expenses |
6,897 |
6,512 |
Income from continuing operations before taxes, minority interests and extraordinary items |
4,146 |
3,917 |
Income tax expense (benefit) |
789 |
546 |
Minority interests |
955 |
1,328 |
Income from continuing operations before extraordinary items |
2,402 |
2,043 |
Extraordinary items, net of tax |
0 |
(24) |
Net income |
2,402 |
2,019 |
Selected balance sheet information
in CHF m |
March 31, 2007 |
December 31, 2006 |
Total assets |
1,330,913 |
1,226,764 |
Share capital |
4,400 |
4,400 |
For additional information on the condensed consolidated statements of income for the three months ended March 31, 2007 and 2006 and the condensed consolidated balance sheets as of March 31, 2007 and December 31, 2006, please refer to note 22 Subsidiary guarantee information in the notes to the condensed consolidated financial statements in the Groups financial statements for the first quarter of 2007 (Credit Suisse Financial Statements 1Q07), which were filed with the SEC on May 3, 2007. For a detailed description of factors that affect the results of operations of the Bank, please refer to Item 5 Operating and financial review and prospects Overview Factors affecting results of operations in the Groups 2006 20-F.
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Capital adequacy
in CHF m, except where indicated |
March 31, 2007 |
December 31, 2006 |
Tier 1 capital |
32,236 |
26,600 |
of which non-cumulative perpetual preferred securities |
1,068 |
1,065 |
Total BIS regulatory capital |
43,117 |
38,441 |
Tier 1 ratio |
13.0% |
11.4% |
Total BIS regulatory capital ratio |
17.4% |
16.5% |
Information on the Company
The business of the Bank is substantially the same as the business of Credit Suisse Group, which is described in Item 4 Information on the company in the Groups 2006 20-F. The following are the principal differences between the businesses of the Group and the Bank. These differences relate to legal entities and activities that are in the Groups consolidated operations but not reported in the Banks condensed consolidated financial statements.
Entity |
Principal Business Activities |
Clariden Leu(1) |
Banking and securities |
Neue Aargauer Bank |
Banking (in the Swiss canton of Aargau) |
BANK-now(2) |
Private credit and car leasing (in Switzerland) |
Financing vehicles of the Group |
Special purpose vehicles for various funding activities of the Group, including for purposes of raising consolidated capital |
(1) Formed as of January 1, 2007 by the merger of the private banks Clariden Bank, Bank Leu, Bank Hofmann and BGP Banca di Gestione Patrimoniale, and the securities dealer Credit Suisse Fides.
(2) Formed as of January 3, 2007 as a subsidiary of Credit Suisse Group. The operations comprising BANK-now previously were recorded in the Bank.
The Bank manages its business through the same three operating segments as the Group. The results of operations of Clariden Leu and Neue Aargauer Bank, which are managed, but not legally owned, by the Bank are included in the Banks Private Banking segment but not reflected in the Banks condensed consolidated financial statements. The results of operations of BANK-now, which are managed by the Bank and included in the Banks Private Banking segment, were included in the Banks consolidated financial statements through December 31, 2006. Effective January 3, 2007, BANK-now is a subsidiary of the Group and its results of operations are not included in the Banks condensed consolidated financial statements. In addition, the Group has certain financing activities that are not in the Banks consolidated balance sheet and statement of income.
Operating and financial review and prospects
The Banks operating results, cash flows and prospects are substantially the same as the results from continuing operations, cash flows from continuing operations and prospects of Credit Suisse Group, which are described in Core Results on pages 14 to 19 in the Groups first quarter 2007 financial review (Credit Suisse Financial Review 1Q07), which was filed with the SEC on May 3, 2007. As further described below, the Bank operates through the same operating segments as the Group, and the principal differences relate to the legal entities and activities that are in the Groups consolidated business but not in the consolidated operations of the Bank.
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Differences in the results of operations of the Bank and the Group
Substantially all of the Banks operations are conducted through the Investment Banking, Private Banking and Asset Management segments.
Certain other assets, liabilities and results of operations that are associated with the three segments are not included in the Banks condensed consolidated balance sheet and statement of income. In 2006 and prior years, these related principally to the activities of Clariden Leu and Neue Aargauer Bank. The results of operations of these entities, which are managed, but not legally owned, by the Bank are included in the Banks Private Banking segment but not reflected in the Banks consolidated statement of income. The results of operations of BANK-now, which are managed by the Bank and included in the Banks Private Banking segment, were included in the Banks consolidated financial statements through December 31, 2006. Effective January 3, 2007, BANK-now is a subsidiary of the Group and its results of operations are not included in the Banks consolidated financial statements. In addition, the Group has certain financing activities that are not in the Banks consolidated balance sheet and statement of income. All of these activities vary from period to period and give rise to differences between the Banks aggregate assets, liabilities and results of operations and those of the Group.
The following tables set forth a comparison of selected condensed consolidated financial information for the Bank and the Groups continuing operations as of March 31, 2007 and for the three months ended March 31, 2007 and 2006:
Three months ended March 31, 2007, in CHF m |
Bank |
Group |
Net revenues |
11,094 |
11,620 |
Total operating expenses |
6,897 |
7,091 |
Income from continuing operations before taxes, minority interests and extraordinary items |
4,146 |
4,476 |
Income from continuing operations before extraordinary items |
2,402 |
2,729 |
Three months ended March 31, 2006, in CHF m |
Bank |
Group |
Net revenues |
10,375 |
10,925 |
Total operating expenses |
6,512 |
6,638 |
Income from continuing operations before taxes, minority interests and extraordinary items |
3,917 |
4,348 |
Income from continuing operations before extraordinary items |
2,043 |
2,342 |
March 31, 2007, in CHF m |
Bank |
Group |
Total assets |
1,330,913 |
1,359,687 |
Total liabilities |
1,302,904 |
1,315,683 |
For additional condensed consolidating financial information as of March 31, 2007 and for the three months ended March 31, 2007 and 2006 for the Bank, Credit Suisse Group parent company and other Credit Suisse Group subsidiaries, eliminations and consolidation adjustments, see note 22 Subsidiary guarantee information in the notes to the condensed consolidated financial statements in the Credit Suisse Financial Statements 1Q07.
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Legal proceedings
Information on the Banks legal proceedings is set forth in note 23 Litigation in the notes to the condensed consolidated financial statements in the Credit Suisse Financial Statements 1Q07.
Quantitative disclosure about market risk
Information on market risk and other information relating to the Groups risk management (including its segments) are included in Risk management in the Credit Suisse Financial Review 1Q07.
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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.
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CREDIT SUISSE GROUP | |
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(Registrant) | |
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Date: May 3, 2007 |
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By:
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/s/ Urs Rohner Urs Rohner General Counsel |
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By: |
/s/ Renato Fassbind Renato Fassbind Chief Financial Officer |
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